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QUESTION 2 20 MARKS Ms Rivalani Malina commenced her practice. RMN Alfomneys 1 September 2017. The following transactions must still be recorded. September 1 Bongani
QUESTION 2 20 MARKS Ms Rivalani Malina commenced her practice. RMN Alfomneys 1 September 2017. The following transactions must still be recorded. September 1 Bongani Contributes R 20 000 cash into his business 4 Paid R 400 for the installation of telephone lines Purchased stationery from Peg Printers on credit for R280 Tshiaki pays the practice R25 000 to cover costs in respect of the purchase of a house she is interested in 10 Mins Charlie paid R2 500 that she owed the legal practice 15 Peld our creditors, AB Traders en amount of R1 500 for insurance due to them 18 Paid for rental of office space for the month of September to December at R4000 per month Received R 17 000 from Mrs Nigohen as a deposit towards (fees the cost of her divorce proceedings, which she asked fivelanto institute on her behalf 25 Paid stati salaries on R 8 000 29 Furniture we bought on credit from Furniture Clly for R 15 000 YOU ARE REQUIRED TO: a) Show in a tabular format the effect on the accounting equation (A=EL) of each of the following transactions in the book of BMD Atomneys and indicate accounts affected (12) Examples Transaction ASSET EQUITY LIABILTY Received R10 00 cash for services BankR10 000 Legal Fees: R10 000 rendered 2 Pad SARS R 2000 for Vat output Bank R 2 000 SARS + R2000 owing b) Prepare Journal Entries for transactions that happened on 10-16 September 2017 (6)
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