Group 4 7. Capital and Revenue Expenditure - Definition and examples. - Factors to distinguish between the two - Accounting treatment in the financial statement 8. Financial Accounting and Managerial Accounting - Definition Characteristics - Similarities and differences - Use and purpose Note a. No page limit is specified b. Include reference page for each topic GROUP COMPUTATIONAL QUESTION Question One Trevor Noah operates as a sole trader The following details were obtained for the first month of operation Date Transactions 1 Started business with Motor Van $ 120,000 and $50,000 in bank 2 Transfer $20,000 cash from bank for business use 3 Purchased Goods $60,000 on credit from Wagner Dist. 3 Paid $3,500 cash to transport goods purchased 6 Paid for Insurance $4,000, Office Supplies $7,000 by cash 8 Sold Goods $35,000 by cheque 11 Sold good on credit to Ringo $30,000; Gap Inc $25,000 13 Purchased goods on credit from Mula $40,000; and Epps $50,000 18 Purchased office equipment $60,000 by cheque 20 Sold goods $45,000 by cheque 21 Returned goods $7,000 to Mula 25 Paid wages $70,000 by cheque 27 Paid for telephone charges $5,500 and rent $20,000 by cheque 28 Received payments by cheque from Ringo $20,000; Gap Inc $15,000 29 Received loan $200,000 by cheque from First Investment Bank 31 Owner took cheque $20,000 and goods $5,000 for personal use Required a. Write up the General Journal for the month b. Write yup the Respective Ledger accounts c. Prepare the Trial Balance as at the end of the month ||