Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SECTION C [30 MARKS Andrew Mogome is a market trader who started business on 1 August 2019. The following is a list of his transactions

image text in transcribed

SECTION C [30 MARKS Andrew Mogome is a market trader who started business on 1 August 2019. The following is a list of his transactions in that month: Aug 1 2 4 5 7 10 11 12 19 22 24 29 30 31 Started business with P1,000 of his own cash. Paid P900 of this opening cash into a business bank account. Bought goods for resale on time, P78 from S. Bogosi. Bought a motor van by cheque, P500. Bought goods for resale, paying cash P55. Sold goods on time, P98 to D. Chaba. A Mogome took goods from inventory for his own use, cost P22. Returned goods (to the value of P18) to S. Bogosi. Sold goods for cash, P28. Bought fixtures & fittings on time from Moremi Equip Co, P150. Received loan from D. Kgafela, P100 cheque, repayable in 5 years. Paid S. Bogosi by cheque, P24 on account. Paid wages, P30 to employee, by bank transfer. Paid Moremi Equipment Co in full by cheque P150. Required a) Enter the transactions in T-accounts and balance-off your T-accounts as at 31 August. [15 marks) b) Prepare a Trial Balance as at 31 August [15 marks) GRAND TOTAL: 70 MARKS END OF PAPER

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

Recommended Textbook for

E Commerce Operational Aspects Accounting Auditing And Taxation Issues

Authors: Lata Sharma

1st Edition

8177084097, 978-8177084092

More Books

Students also viewed these Accounting questions

Question

Apply your own composing style to personalize your messages.

Answered: 1 week ago

Question

Format memos and e-mail properly.

Answered: 1 week ago