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The following are transactions of Samoa Traders for February 2022. Samoa Traders uses the perpetual inventory method. Markup is 30% on cost price. Date Transaction
The following are transactions of Samoa Traders for February 2022. Samoa Traders uses the perpetual inventory method. Markup is 30% on cost price. Date Transaction details 1 The owner contributed a vehicle to the business valued at R150000. 2 The owner took inventory for personal use. The selling price is R2600, the cost price is R2000. 3 Received rent income of R7500. 4 Purchased trading inventory, R60 000, on credit from Magic Traders. 5 Sold trading inventory with a cost price of R35000 for cash. 6 Paid the weekly wages in cash, R4 500. 7 Settled the loan from ABSA. The final settlement amount was R12 500. Required: Show how the above transactions would affect the accounting equation. Use the example below as a guideline for presenting the answer to the question. Ignore VAT on all transactions. You do not need to check the correctness of the duality principle. Example: The business paid the insurance premium, R5000
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