EMS FINANCIAL LITERACY TEST SECTION B GRADE 9 JUNE 2023 QUESTION 2: ACCOUNTING EQUATION Analyse the following transactions and show the effect that each has on the accounting equation. Complete the table in the ANSWER BOOK ((a) to (h)) Transactions: e.g., Bought goods from Mazembe Traders for R6 500, paid by EFT. 1 26 Sold goods on credit to TM Bester, R4 080 (cost price R3 220), invoice 105 issued. Received payment from TM Bester as part-payment of the amount owed, R2 040. [8] QUESTION 3: JOURNALS Mr Rayzor Mabunda, the owner of The Liftman Shop, a soap and hair products shop in Shatale requested you to keep the financial records of his business. Use the transaction below to prepare the following journals for The Liftman Shop for March 2023 REQUIRED: 3.1 Cash Receipts Journal for March 2023 3.2 Cash Payments Journal for March 2023 3.3 Debtors' Journal NOTE: Do not close off the journals at the end of the month. TRANSACTIONS 1 6 14 20 25 25 (5 (3) (10) The owner of The Liftman shop increased his capital contribution from R165 000 to R200 000, direct deposit to the business bank account. Receipt 108 was issued to him Paid the BL Municipality for water, R680. EFT01 G Maduma. Invoice 100 was issued for R4 800, 50% mark-up was added to the cost. Received a notification from the bank for R2 000 received from G Maduma as part- payment of his account A Mahomed was issued an invoice 101 for R900 for goods with a cost price of R600 Invoice 102 was sent to F Segodi for goods sold on credit, R600 (cost price R300) [18] Rage 5 of 6