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Part B The following are the transactions in the entity for the month of 1 October 2016. The assets and liabilities at that were: Fixtures
Part B The following are the transactions in the entity for the month of 1 October 2016. The assets and liabilities at that were: Fixtures and equipment Stock including weapons FNB balance Cash at hand Accounts payable Makuva Marungu N$ 20 000 N$ 15 000 N$ 17 500 N$ 375 N$ 3175 N$ 200 N$ 500 Shikongo The transactions during October were as follows: 1. Sold faulty phasers, original cost N$ 500, to Kango Corp, for cash N$ 5 000 2. Bought Photon Torpedoes ( weapons), on credit from Central Council N$ 2 500 3. Sold goods to Aadvarks, original cost N$ 250, on credit, N$ 1 500 4. Bought Cloaking Device (Fixture and Fittings) from Kango Corp N$ 3 500 5. Paid the balance owed to Spock at 1 October less a 5% cash discount 6. Paid Central Council full amount due by cheque 7. Received full amount due from Aadvarks by cheque 8. Paid Kango Corp by cheque after deducting 20 % trade discount 9. Paid, by bankers order, N$ 10 000 for repairs to the business following disagreement over amount owing to Kango Corp and faculty phasers. Required: Open the business ledger accounts at 1 October, record all transactions for the month, balance the ledger accounts and prepare a trial balance as at 31 October. (33 Marks) [Total marks 48]
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