The following are miscellaneous transactions for Top Shoe Suppliers for March 2014. Ignore VAT. The business uses the PERIODIC INVENTORY method with a mark-up on cost of 50%.

1 The owner took cash for personal use R 35 000.

7 Paid the Southern Municipal Council for the business' water and electricity bill by cheque, R 342.

12 Purchased trading inventory on credit from Scott & Allen, R 28 500.

15 Cash sales of trading inventory, selling price = R 855.

20 Returned trading inventory with a cost price of R 2 500 and receive a credit from supplier.

27Credit sales of trading inventory, selling price = R 1 575.

28A debtor returned some of the goods purchased from Top Shoe Suppliers on 27 March 2014. The cost price of the goods was R 640.

REQUIRED

Show how the above transactions will affect the accounting equation and enter how the accounts in the general ledger will be affected.

Example: Received a capital contribution of R 205 000 in form of cash: