Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Throughout the month of January 2023, the sole trader, Mhlanga, undertook the following transactions: 1. The owner contributed an additional R50000 in cash as capital.
Throughout the month of January 2023, the sole trader, Mhlanga, undertook the following transactions: 1. The owner contributed an additional R50000 in cash as capital. 2. Purchased shelving on credit for R30 000 from Shelving Master. 3. The owner bought trading inventory worth R20000 4. Telephone expenses of R5 000 were incurred and paid in cash. 5. Paid salaries to employees of R15 000 6. Cash sale of merchandise as per cash register tape, R10000 7. Thirty pies (costing R20 each) were sold on credit basis to Ms Pillay. 8. Ms Pillay returned three stale pies she previously bought (see point 6 above) 9. Returned unsatisfactory merchandise from Shelving Master worth R5 000 10. The owner made a withdraw of cash of R 10000 Required: Analyse the above transactions of Mhlanga under the following headings
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started