Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the rrelevant information from the transactions of GH Traders provided below to answer the following questions: 2.1 calculate the total income, total expenses and

Use the rrelevant information from the transactions of GH Traders provided below to answer the following questions: 2.1 calculate the total income, total expenses and net profit (loss) for the month ended 31 October 2023. 2.2 prepare the statement of financial position as at 31 October 2023 Information 1 October proprietor of GH Traders deposited R300 000 into bank account of the business as her capital contribution 2 october purchased equipment and invetory by mearns of an electronic funds transfer from Avo Wholesaler for R30 000 and R80 000 respectively 3 October purchased stationery from K Suppliers on cedit for R1 500 5 October wwithdrew R800 from the bank to be used a petty cash 8 October sold goods on ccredit to K Rogers R2 000 (cost of sales) 9 October K Rogers returned goods with a cost price of R350 and selling price of R500 12 October ddonated R3 000 invetory to the llocal ssecondary school 14 October ccash ssales to date, R30 000 (cost of salesR20 000) 18 October iinvested R20 000 in a fixed ddeposit aaccount at an iinterest rate of 8% per aannum for 2 years 20 October purchased aportable air-conditioner on ccredit for R8 000 21 October direct ddeposit was made into the bank account of GH Traders by RD Publishers for 100 books, wwhich wwere sold for R80 ea, was received 24 October received 60% of the amount owed by ddebtor K Rogers. Aallowed him R40 discount 27 October paid R800 to creditor KL Suppliers in part settlement of account 29 October pproprietor drew R5 000 cash from the bank account of the business for her personal use 30 October paid ssalaries of R15 000 by EFT 31 October bbank statement reflected RR500 bank charges cash sale to date R40 000 (cost of sales R28 000)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing Basics Video Learning Guide

Authors: Charles A. Cianfrani & John E. West, James P. Gildersleeve

1st Edition

1891578251, 978-1891578250

More Books

Students also viewed these Accounting questions

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago