Refer to the following transactions entered into by Allen Traders during the year ended 30 June 2012 and answer the question that follow: Transaction 1. 2. 3. 4. 5. 6. 7. 8. The owner deposited R 60 000 into business account as his contribution to the business Sold goods on credit to F Meko, R 7 000 The business obtained a loan of R30 000 from FNB. Bought stationery on credit, R300 Cash sales of goods, R6 500. The goods were bought for R4 000 Purchased furniture and equipment on credit from FBD Ltd R5 000 The owner used a business cheque to pay for his personal accounts, R4 000 Purchased Equipment worth R60 000. R42 000 was paid using cash and the remainder will be paid in 3 months' time.
Refer to the following transactions entered into by Allen Traders during the year ended 30 June 2012 and answer the question that follow: Transaction 1. 2. 3. 4. 5. 6. 7. 8. The owner deposited R 60 000 into business account as his contribution to the business Sold goods on credit to F Meko, R 7 000 The business obtained a loan of R30 000 from FNB. Bought stationery on credit, R300 Cash sales of goods, R6 500. The goods were bought for R4 000 Purchased furniture and equipment on credit from FBD Ltd R5 000 The owner used a business cheque to pay for his personal accounts, R4 000 Purchased Equipment worth R60 000. R42 000 was paid using cash and the remainder will be paid in 3 months' time.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Refer to the following transactions entered into by Allen Traders during the year ended 30 June 2012
and answer the question that follow:
Transaction
1.
2.
3.
4.
5.
6.
7.
8.
REQUIRED:
The owner deposited R 60 000 into business account as his contribution to the
business
Sold goods on credit to F Meko, R 7 000
The business obtained a loan of R30 000 from FNB.
Bought stationery on credit, R300
Cash sales of goods, R6 500. The goods were bought for R4 000
Purchased furniture and equipment on credit from FBD Ltd R5 000
The owner used a business cheque to pay for his personal accounts, R4 000
Purchased Equipment worth R60 000. R42 000 was paid using cash and the
remainder will be paid in 3 months' time.
Record the above transactions using the Accounting Equation.
Use the following format to answer this question:
Example: Paid for advertising R300.
TRANSACTION
Example
ASSETS
-300
=
EQUITY
-300
+
LIABILITIES
0
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