Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. An entrepreneur, Samfya Rufunsa had the following transactions in the month of March, 2022. Opened business with K10,000 in the bank and K2,000
2. An entrepreneur, Samfya Rufunsa had the following transactions in the month of March, 2022. Opened business with K10,000 in the bank and K2,000 in the cash box. Bought office equipment at K700 on credit from J. Saunders Ltd Bought motor van paying by cheque K3,000 Borrowed K1,000 from H. Thompson - he gave her the money by cheque Rufunsa put further capital into the firm in the form of cash K500 Paid K350 of the cash in hand into the bank account Returned some of the office equipment coting K200 - it was faulty - to J. Saunders Ltd Bought more office equipment, paying by cash K50 2022 March 1 March 3 March 6 March 8 March 11 March 12 March 15 March 17 March 19 March 21 March 22 R. Jones paid her a cheque for K1,000 March 23 March 26 R. Jones paid her a cheque for K1,800 March 28 March 30 Paid K2,000 by cheque to Pumulo Garages Ltd R. Jones paid her cash K200 Sold the motor van, as it has proved unsuitable, to R. Jones for K3, 000. R Jones will settle for this by three payments later this month. Received a loan in cash from J. Habasimbi K400 Bought a suitable motor van K3,600 on credit from Pumulo Garages Ltd Required: Write up the various accounts needed in the books of Samfya Rufunsa to record the above transactions. (Total: 25 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started