The Shoolongela Farm is a farming food store started by Moose Shoolongela on 1 January 2016. The transactions below relate to The Moose Soolongela for the first three months of trading in 2016:

Record the above transaction on an accounting equation worksheet using the following headings: Bank, Inventory, Accounts receivable, Furniture, Accounts payable, Capital, Income, Expenses and Distributions. ( 18 Marks)The fixtures and fittings purchased in January were acquired at the beginning of the month, as were those acquired in February. Moose Shoolengela estimates that the useful life of all the fixtures and fittings is ten years and that they will have no value at the end of that time. You are required to:

2. Prepare a statement of profit or loss for The Moose Shoolengela for the period ended

31 March 2016. ( 11 Marks)

3. Prepare a statement of financial position for The Moose Shoolengela at 31 March

2016. ( 11 Marks) The accounting equation is Assets=capital +liabilities

The Shoolongela Farm is a farming food store started by Moose Shoolongela on 1 January 2016. The transactions below relate to The Moose Soolongela for the first three months of trading in 2016:

January	Contribution of cash into a bank account by Moose Shoolengela to start business entity N$ 100 000
	Bought furniture fixtures and fittings, and paid in cash	N$ 21 000
	Bought inventory on credit from Organic foods	N$ 50 000
	Sold goods for cash cost (cost price N$ 6000)	N$ 9 000
February	Bought furniture, fixtures and fittings on credit from Shop Fitters	N$ 18 000
	Paid for advertising in cash	N$ 4 000
	Cash sales (cost price N$ 8 000)	N$ 13 000
	Returned unsuitable inventory to Organic Foods	N$ 500
	Paid wages in cash	N$ 1 500
March	Cash sales (cost price N$ 7 500)	N$ 10 000
	Sold goods on credit (cost price 6 000)	N$ 8 000
	Paid Organic foods in cash	N$ 40 000
	Distribution to owner in cash	N$ 5 000

The fixtures and fittings purchased in January were acquired at the beginning of the month, as were those acquired in February. Moose Shoolengela estimates that the useful life of all the fixtures and fittings is ten years and that they will have no value at the end of that time. You are required to:

1. Record the above transaction on an accounting equation worksheet using the following headings: Bank, Inventory, Accounts receivable, Furniture, Accounts payable, Capital, Income, Expenses and Distributions. ( 18 Marks)

2. Prepare a statement of profit or loss for The Moose Shoolengela for the period ended

31 March 2016. ( 11 Marks)

3. Prepare a statement of financial position for The Moose Shoolengela at 31 March

2016. ( 11 Marks) The accounting equation is Assets=capital +liabilities