QUESTION 1

The following are miscellaneous transactions for Zestra stores for September 20.12. Ignore VAT. The business uses the perpetual inventory method with a mark-up of 33.333% on cost. Business's financial year on 30 September each year.

Date Transaction details

1 The owner took a product from stock for personal use, selling price = R 7 000

14 Purchased an office computer on credit from Simplex Computers (Pty) Ltd 14 500

15 Credit sales of trading inventory, selling price = R 21 470

27 A debtor returned some of the goods purchased from Zestra stores on 26September 20.12. The cost price of the goods in question was R 4 200.

30 Rent for September for R 8 600 is not yet paid by the end of September 20.12

30 Allowance for credit losses needs to be increased by R 300

30 Accrued wages of R 3 500 for September 20.12 are not yet recorded. Make the necessary adjustments.

Required

1.1 Show how the above transactions will affect the accounting equation and enter how the accounts in the general Leger will be affected.