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Brian Boomplaas is starting a new consulting enterprise specialising in drought resistant plants and designing of gardens. This enterprise s official starting date was 1
Brian Boomplaas is starting a new consulting enterprise specialising in drought resistant plants
and designing of gardens. This enterprises official starting date was March
Transactions performed by Brian during March :
Deposited R in the bank account as starting capital.
Transferred his own equipment to the business. The value of this equipment is R
Withdrew R for petty cash
Paid rental on a small office, R
Delivered a design plan for a garden to Ms Akasia Maple. The contract is worth R of
which Ms Maple has paid in cash as deposit.
Bought Stationary for R on account from Paykro.
Received R for consulting on a layout of a garden via EFT
Bought a new bakkie for R Of the total purchase price, R was paid in cash and
the remaining balance is being financed via a bank loan. The loan will be repaid over the next
three years with first payment starting in March.
Bought the following from Shopalot:
a Printer R
b Three Office Chairs for R in total. Brian took one for personal use.
Received the outstanding amount from Ms Maple for services rendered refer to day
Required
Use the information provided above and indicate the effect the transactions would have on
the accounting equation. Use the following format in your answer:
no need to include the affected account names in your answer
Please use the following format in your answer.
Assets Equity Liabilities
NonCurrent
Assets
Current
Assets
Capital Drawings Income Expenses Noncurrent
Liabilities
Current
Liabilities
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