Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 4 (21 marks) On 1 March 2018. James started a car panel beating enterprise in the heart of Rehoboth. He call it Blossom Car

image text in transcribed
Question 4 (21 marks) On 1 March 2018. James started a car panel beating enterprise in the heart of Rehoboth. He call it Blossom Car Repairs CC. The transactions completed by the enterprise for March 2018 are as follows: 1 March James sold a personal investment (shares) in Fishcor CC for N$50 000 and began his business by depositing N$30 000 of the proceeds in a bank account. opened in the name of the business and NS 20 000 in cash. 5 March Paid rent for the shop space for the month of March N$2 000 by cheque. 10" March Complete repair work on credit for Daniel N$1 000. 15" March Purchased repair equipment for NS1 500 cash. 19" March Purchased additional repair equipment on credit from Game Store for NS4 000. 224 Mach Paid Game Store N$3 900 cash in full settlement of his account 25 March Paid N$ 700 cash for advertising the business. 26" March Receive a cheque from Daniel for the work completed on 10 March 30 March James withdrew NS350 cash from the business to cover personal expenses. 12 You are required to: Record the transactions in the General ledger of Blossom Car Repairs CC and balance of the accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Solve the following recurrences by using the Tree-method

Answered: 1 week ago