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Please could someone help me with the workings needed to arrive at the solution to the problem below? Many thanks in advance! PPB May/June 2019
Please could someone help me with the workings needed to arrive at the solution to the problem below? Many thanks in advance!
PPB May/June 2019 QUESTION 4 [15 marks] On February 1 2018 John Peter started an entity trading as Pears Dry Cleaners On that day he opened a bank account in the name of his entity and deposited R150 000 into this account as his capital contribution The following transactions occurred during February 2018 Date Transaction Total amount (R) February 30 000 2000 50 000 5 000 3 000 Bought second-hand dry cleaning equipment from fala Equipment Providers and paid by cheque Paid the monthly rent in advance to Rentmasters Ltd Bought a delivery vehicle from Compu Motors and paid by cheque Bought a cash register on credit from Thomale Computers Bought consumables to use for his business from Cromwell CC and paid by cheque The cash register showed that an amount of money received for services rendered Paid Moleh CC for repairs on dry cleaning equipment- Drew a cash cheque to pay for wages Paid Telkom by chaque for telephone expenses Drew another chegue to pay for wages 4 500 10 15 2 300 2 000 1 000 2 000 20 28 REQUIRED 41 Analyse the following transactions according to the Basic Accounting Equation (BAE) which states that for every accounting transaction assets = equity liabilites (A =E+ L) Fill in your answers in the table provided below and show the balancing totals (15) BASIC ACCOUNTING EQUATION (ASSETS = EQUITY + LIABILITIES] Assets (R) = Equity (R) + Liabilities (R) Totals END OF QUESTION PAPER [TOTAL MARKS = 70] UNISA 2019 [TURN OVER]
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