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Total marks for this test = 83 marks. Section A Multiple choice questions. Follow the link to do this on Forms. Total marks 20 marks
Total marks for this test = 83 marks. Section A Multiple choice questions. Follow the link to do this on Forms. Total marks 20 marks Section B: Double-entry bookkeeping. Total marks 40 marks. Question Elton John started a small caf on 01 November 2020. He showed you the following transactions that took place for the first two weeks of business. 01/11 Started a business with capital in bank of 8,500 and an old van of 3,500. 02/11 Took 500 from bank to use as company cash fund. 03/11 Bought goods 3,500, paying by cheque. 05/11 - Purchased goods 1,200 from Pilar Ltd, paid immediately 200 in cash. 07/11 Paid rent of office 500, by cheque 08/11 Sold goods on credit to Jenny worth 295. 10/11 Bought office equipment of 650, paid by cheque. 11/11 Withdrew 250 from the bank for own use (drawings) 12/11 Sold goods for 380; customer paid by credit card 200 and remaining in cash. 14/11 Paid wages to Mary by internet transfer of 420 14/11 Received a loan of 2,000 from bank by direct transfer. (a). Record all the transactions on T-Accounts. (b). Close all the accounts at the end of 2 weeks showing clearly the balance carried down and balance brought down. (c). Produce a Trial Balance for the 2 weeks ended on 14 November 2020
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