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Question 2 (Marks: 25 VA Stores is a wholesale business that sells a large range of goods. The following balances were extracted from the
Question 2 (Marks: 25 VA Stores is a wholesale business that sells a large range of goods. The following balances were extracted from the General Ledger on 31 January 2020: Debtors Bank (Positive Balance) The following transactions took place during February 2020: Transaction Date 2 Inventory of R12 000 was sold for cash. B insurance was paid for via EFT, R9 000 10 Sold inventory on Credit to the value of R10 000. 12 One of the debtors paid their account in full, RS 000 18 Paid a Creditor via EFT, RB 000 22 25 The account of one of our debtor's must be written off as irrecoverable, R7 000 The owner contributed capital to the value of R14 000 Required: 40 000 25.000 Q.2.1 Prepare and balance the Bank Account in the General Ledger of VA Stores for February 2020. (14)
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