Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show the effect on the of the following transactions of SIsa Traders on the Accounting Equation. Use + to denote an increase, - to denote

Show the effect on the of the following transactions of SIsa Traders on the Accounting Equation. Use + to denote an increase, - to denote a decrease and 0 no change to the elements of the equation . Assume the Bank balance is favourable all the times. Example: Paid wages for cash, R 1 500. No. Assets = Equity + Liabilities E.g. -1500 -1500 0 Transactions 1.1 Received rent from a tenant, cash, R 5 000. 1.2 Received an account from G-Force Motors for motor vehicle repairs, R 10 500. 1.3 Issued a cheque to Techno Traders for equipment purchased, R 45 000. 1.4 Issued a receipt to the proprietor who increased her capital contribution by R 250 000. 1.5 Received a R14 800 from a debtor settled his account. 1.6 Purchased a cash register machine on credit, R28 000. 1.7 Received R3000 interest on fixed deposit. 1.8 Services rendered to customers on credit, R5 500. 1.9 Received a cheque for R1 700 from a debtor in full settlement of an account. 1.10 Issued a cheque for repairs to the vehicle, R12 000.

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

The Internal Auditing Handbook

Authors: K. H. Spencer Pickett

3rd Edition

0470518715, 978-0470518717

More Books

Students also viewed these Accounting questions

Question

define the term outplacement

Answered: 1 week ago

Question

describe the services that an outplacement consultancy may provide.

Answered: 1 week ago