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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
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
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