Question
QUESTION 2 ACCOUNTING EQUATION; DEBTORS CONTROL (20 MARKS)2.1 REQUIRED Show the effect of the following transactions of Suncoast Repairs on the Accounting equation.Use + to
QUESTION 2 ACCOUNTING EQUATION; DEBTORS CONTROL (20 MARKS)2.1 REQUIRED
Show the effect of the following transactions of Suncoast Repairs on the Accounting equation.Use + to denote an increase, to denote a decrease and 0 to denote no change to theelements of the equation. Follow the example given.
Assume that the bank balance is favourable at all times.
Example: Paid for electricity by cheque, R1 000.
TRANSACTIONS
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2.1.1 Issued a cheque to Makro for the purchase of equipment, R20 000.
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2.1.2 Bought consumable items on credit from Metro, R300.
(10)
No. | Assets | = | Equity | + | Liabilities |
e.g. | R1 000 | R1 000 | 0 |
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2.1.3 Received a cheque for R800 from a debtor in settlement of his debt.
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2.1.4 Purchased a computer on credit, R10 000.
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2.1.5 The proprietor increased her capital contribution by depositing R50 000 into the banking
account of Suncoast Repairs.
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2.1.6 Received R8 000 cash from customers for services rendered.
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2.1.7 The insurance premium was paid by debit order, R1 500.
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2.1.8 The proprietor used a business cheque to pay her telephone account, R900.
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2.1.9 Paid the account of a creditor, R4 000.
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2.1.10 Services rendered to customers on credit, R3 000.
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