Question 2

Question 1 (14 marks - 25 minutes) 1.1 Name and define any four Qualitative characteristics of financial information (12 marks 1.2 Define business entity concept (2 marks) Question 2 (20 marks 36 minutes) Ms. Vishoni who trades as Vision sole trader had the following transactions for the month of March 2016 1 Mar Started business with N$220,000 in the bank. 3 Mar She bought goods on credit from Metro Wholesalers, N$25,000 4 Mar Bought office chairs to be used in the business, N$40, 000 and paid by cheque 7 Mar She sold goods to Robert on credit for N$5,000 8 Mar Bought goods for cash, N$34,000 9 Mar Goods of the wrong colour was returned to Metro Wholesalers, N$3,000 11 Mar Part of the building was given out for rent and the tenants paid, N$4,000 13 Mar She received a cash amount of N$4,900 from Robert in full settlement 19 Mar Bought a car from Pupkewitz Toyota, N$140,000 and paid by cheque 20 Mar Cash paid to Metro Wholesaler in full settlement N$20,000. Required: Show the journal entries necessary to record the above items