The following transactions were extracted from the books of Aluminium Base (Pty) Ltd for the month of July 2020: July 1 Started a business with P200, 000 deposited into the business bank account. 2 Bought goods from AAA Cash and Carry P10, 800 paying by cheque. 3 Bought additional goods from FBC Wholesalers P82, 780 on credit. 5 Bought more goods from F&N Wholesalers P71, 000 on credit. 6 Paid wages P1, 000 by cheque. 8 Bought stationery cash from Bhala Ltd P1, 900. 10 Servicing of the owners car P1, 320 paid using a cheque. Cash sales P21, 600. Sold goods on credit to Monei for P2, 300. 12 Sold some more goods on credit to Kabo for P5, 500. Paid wages P1, 000 by cheque. 15 Cash sales P42 000. Monei paid us 50% of his debt by cheque. 17 Bought some merchandise on credit from AAA cash and carry P24, 500. Bought fixtures and fittings for P1,500 paying cash 18 Goods bought on credit from ABC wholesalers P2, 220. Cash sales to P30, 000. Monei paid P600 cash. Kabo paid P2, 500 by cheque. 19 Paid carriage inwards to Sprint Couriers Ltd P4, 600 by cheque. 23 Took a P100, 000 loan from ABSA Bank to be paid over a period of 5 years. 24 P7, 000 was transferred to the owners personal bank account for private use. Goods worth P1 300 from ABC wholesalers were found to be damaged and were returned.

MASTERS Special Structured Timed Assessment January June AF312 - Accounting and Finance

BOU 2021 Page 3 of 5 28 Paid FBC Wholesalers the balance on their account by cheque and P45, 000 to F&N Wholesalers by cheque 30 Paid postage of P375 cash. Cash sales P75, 000.

REQUIRED a. Record the transactions given above in the relevant journals of Aluminium Base (Pty) Ltd for the month of September. [10 marks] b. Post the transactions in the journals to the ledgers and balance the accounts. [30 marks] c. Prepare the Trial Balance as at 31 July 2020. [10 marks]