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Please help with questions 2 and 3 QUESTION 2 25 MARKS Mr. Tendani Rotenda commenced practice as a legal practitioner on 1 January 2018. His
Please help with questions 2 and 3
QUESTION 2 25 MARKS Mr. Tendani Rotenda commenced practice as a legal practitioner on 1 January 2018. His transactions for the month of February 2018 were as follows: 2018 Feb 2 Paid R20 000 into TEDBank Limited to use for the practice 4 Bought office equipment on credit for R15 000 from master Offices Ltd 5 Bought a Computer for R6 000 and paid cheque 6 Paid rent of R3 000 by cheque 8 Received a deposit of R2 000 from Ms. Colleen in respect of a divorce matter 9 Paid off R7 500 of the furniture account 12 Rendered legal services in respect of a will and charged Mr. Osman R500 15 Rendered legal services to General Ltd and charged a fee of R5 000 17 Received a cheque for R2 500 from General Ltd in part payment of their account 20 Paid R250 with a business cheque to entertain Mr. Tendani This was not in any way connected to the legal practice. MARKS YOU ARE REQUIRED TO: Show in a tabular format the effect on the accounting equation (A = E + L) of each of the following transactions in the books of PMT Attorneys and indicate accounts affected. 25 Equity Examples: 25 Feb Obtained a bank loan from Tedbank amounting to R15 000 27 Feb Purchased stationery on credit amounting to R1 000 Date Account Debited Account Credited Assets 25 Bank Loan +15 000 27 Stationery Trade Payables / Creditors Total +15 000 Liabilities +15 000 +1 000 Marks (1) (1) -1000 +15 000 (1) QUESTION 3 25 MARKS The following transactions have been entered into by KMT attorneys for the month of January 2018 (end of VAT period): 1. Purchased office refreshments using petty cash 114 2. Purchased second-hand computer from a non-vendor with a business cheque 10 260 3. Purchased a new printer on credit 7068 4. Purchased delivery motorcycle on credit 34 200 5. Received payment from clients in respect of fees charges in the previous tax period 28 034Step by Step Solution
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