Old MathJax webview

Old MathJax webview

Process Zinzis transactions through the basic accounting equation for the month ended 31 July 2021 Use the format shown below:

Process Zinzis transactions through the basic accounting equation for the month ended 31 July 2021 Use the format shown below:

QUESTION 1 [25] Zinzi opened a Kiosk in the local mall to sell handbags and purses. The following are transactions for month ended 31 July 2021: (Zinzi decided to use the Perpetual inventory to record transactions for trading inventory); July 1. Zinzi opened a business bank account with the following deposits: R40 000 transferred from her personal account; R60 000 transferred from her Dad's account as a loan. The loan will be paid back in full on 31 July 2025. Interest at 5% per annum will be payable in arrears. 2. 3. Fixtures were purchased from Bongi's Suppliers. Invoices to the total value of R45 000 were charged to ZinZi's account which is payable in 90 days. Purchased handbags and purses on the following terms; Merchandise purchased for cash R21 000; and Merchandise purchased on credit R 34 000 from Swing Ltd. This account is payable in 45 days. 4. The lessor of the kiosk was paid R12 000 as rent for July 2021. 5. Paid R3 550 as a refundable deposit towards the municipal's electricity account. 1 6. Zinzi acquired a cell phone to be used exclusively for business on a 24 month contract. The first month's subscription of R1 000 was paid. 7. Cash Sales to the total of R60 000 were deposited into the bank account. All sales were made at a mark-up of 50% on cost price. Required