{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:35:15-04:00", "answer_date": "2024-06-29 01:35:15", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4440547", "url": "\/study-help\/questions\/the-accounting-equation-m-juma-started-his-own-business-mj-4440547", "question_creation_date_js": "2024-06-29T01:35:15-04:00", "question_creation_date": "Jun 29, 2024 01:35 AM", "meta_title": "[Solved] THE ACCOUNTING EQUATION M Juma started hi | SolutionInn", "meta_description": "Answer of - THE ACCOUNTING EQUATION M Juma started his own business, MJ Stores. He uses the continuous inventory system. The follo | SolutionInn", "meta_keywords": "accounting,equation,m,juma,started,business,mj,stores,continuous,inventory,system,transactions", "question_title_h1": "THE ACCOUNTING EQUATION M Juma started his own business, MJ Stores. He uses the continuous inventory system. The following transactions took place during April 2019:", "question_title": "THE ACCOUNTING EQUATION M Juma started his own business, MJ Stores. He", "question_title_for_js_snippet": "THE ACCOUNTING EQUATION M Juma started his own business, MJ Stores He uses the continuous inventory system The following transactions took place during April 2019 1 M Juma withdrew R50 000 from the business's current bank account and deposited it in his personal bank account to reduce his capital contribution 2 Invested R100 000 as a fixed deposit at NB Bank at 8 interest per annum 3 Purchased merchandise on credit from JB Traders for R3 500 less 10 trade discount JB Traders also charged a delivery fee of R420 on the invoice 4 Sold goods on credit to N Costa, R9 100 The markup on cost was R2 600 5 An allowance of R1 360 was given to N Costa for damaged goods supplied to him The markup on cost was 25 6 The owner took stock for his son's use The selling price of the goods was R2 240 and the cost price was R1 600 7 According to the bank statement received on 30 April 2019, bank charges for the month totalled R380 8 Received R800 from NB Bank as interest on fixed deposit Interest is not capitalised Required Analyse and record the above transactions according to the format in the answer book provided Note Assume that the bank balance is always favourable", "question_description": "

THE ACCOUNTING EQUATION<\/strong><\/p>

M Juma started his own business, MJ Stores. He uses the continuous inventory system.<\/p>

The following transactions took place during April 2019:<\/p>

1. M Juma withdrew R50 000 from the business's current bank account and deposited it in<\/p>

his personal bank account to reduce his capital contribution.<\/p>

2. Invested R100 000 as a fixed deposit at NB Bank at 8% interest per annum.<\/p>

3. Purchased merchandise on credit from JB Traders for R3 500 less 10% trade discount.<\/p>

JB Traders also charged a delivery fee of R420 on the invoice.<\/p>

4. Sold goods on credit to N Costa, R9 100. The markup on cost was R2 600.<\/p>

5. An allowance of R1 360 was given to N Costa for damaged goods supplied to him. The<\/p>

markup on cost was 25%.<\/p>

6. The owner took stock for his son's use. The selling price of the goods was R2 240 and<\/p>

the cost price was R1 600.<\/p>

7. According to the bank statement received on 30 April 2019, bank charges for the month<\/p>

totalled R380.<\/p>

8. Received R800 from NB Bank as interest on fixed deposit. Interest is not capitalised.<\/p>

Required:<\/strong><\/p>

Analyse and record the above transactions according to the format in the answer book<\/p>

provided.<\/p>

Note: <\/strong>Assume that the bank balance is always favourable<\/p>", "transcribed_text": "", "related_book": { "title": "Cost Management Measuring Monitoring And Motivating Performance", "isbn": "1118168879, 9781118168875", "edition": "2nd Canadian Edition", "authors": "Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/635f99b5717e0_1157.jpg", "uri": "\/textbooks\/cost-management-measuring-monitoring-and-motivating-performance-2nd-canadian-edition-1157", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CKP2J3JQ", "uri": "\/textbooks\/act-test-prep-english-weekly-practice-work-book-grade-4-volume-2-1st-edition-9798889035558", "name": "ACT Test Prep English Weekly Practice Work Book Grade 4 Volume 2", "edition": "1st Edition" }, "question_posted": "2024-06-29 01:35:15", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/radiation-bas-been-detected-from-space-that-is-characteristic-of", "description": "Radiation bas been detected from space that is characteristic of an ideal radiator at T = 2.728 K. (This radiation is a relic of the Big Bang at the beginning of the universe.) For this temperature,...", "stars": 3 }, { "url": "\/study-help\/business-statistics-in-practice\/what-are-the-subjects-1982130", "description": "=+ What are the subjects?", "stars": 3 }, { "url": "\/study-help\/taxation-of-individuals-and-business-entities-2021\/what-was-facebooks-accounting-effective-tax-rate-for-2018-what-items-caused-862116", "description": "What was Facebooks accounting effective tax rate for 2018? What items caused the companys accounting effective tax rate to differ from the hypothetical tax rate of 21 percent? What was the companys...", "stars": 3 }, { "url": "\/study-help\/questions\/1-which-reconnaissance-fundamental-relates-to-the-following-question-9854238", "description": "1 . Which Reconnaissance Fundamental relates to the following question: How does the CDR ensure freedom of movement, up to the line of departure ( LD ) ?", "stars": 3 }, { "url": "\/study-help\/questions\/zachary-company-which-sells-electric-razors-had-350000-of-cost-6356454", "description": "Zachary Company, which sells electric razors, had $350,000 of cost of goods sold during the month of June. The company projects a 8 percent increase in cost of goods sold during July The inventory...", "stars": 3 }, { "url": "\/study-help\/questions\/you-have-375000-to-invest-in-a-share-portfolio-your-1000638", "description": "You have $375,000 to invest in a share portfolio. Your choices are as follows: Invest in FTV with an expected return of 14.25%. Invest in FHL with an expected return of 8.7%. FTV has a beta of 1.58....", "stars": 3 }, { "url": "\/study-help\/questions\/118-find-the-volume-of-the-solid-obtained-by-rotating-1008365", "description": "1-18 Find the volume of the solid obtained by rotating the region bounded by the given curves about the specified line. Sketch the region, the solid, and a typical disk or washer. 1. y=2x, y = 0, x =...", "stars": 3 }, { "url": "\/study-help\/questions\/about-the-case-study-the-westerville-physician-practice-valuestream-mapping-1000115", "description": "about the case study \"The Westerville Physician Practice: Value-Stream Mapping\" on Pages 445 - 448 of our textbook, total wait time is 111minutes, processing time is 67minutes. I have questions about...", "stars": 3 }, { "url": "\/study-help\/questions\/1-your-friend-asks-you-to-invest-10000-in-a-999963", "description": "1. Your friend asks you to invest $10,000 in a business venture. Based on your estimates, you would receive nothing for four years, at the end of year 5 you would receive interest on the investment...", "stars": 3 }, { "url": "\/study-help\/questions\/1-a-global-contracting-organisation-suffers-from-different-types-1003307", "description": "1 ) A global contracting organisation suffers from different types of organisational conflicts internally and within its clients and supply chain. You are appointed as a consultant to advise senior...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/how-are-sharing-and-cooperation-an-example-of-complex-resource-4440546", "next": "\/study-help\/questions\/birthday-month-heightinches-april70-may67-september72-april68-december69-4440548" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "THE ACCOUNTING EQUATION M Juma started his own business, MJ Stores. He", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/the-accounting-equation-m-juma-started-his-own-business-mj-4440547" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }d": "1" } }