4.1 contribution. He was issued with recelpt 001. Mr Lehoko deposited R35 000 directly into the business bank account as his capital 4.3 4.2 Equipment to the value of R2 355 was purchased (bought). Lehoko Plumbers received R1 700 for services rendered. 4.4 Weekly wages of R800.were pald to Mr Lehoko's assistant. 4.5 A loan to the amount of R5 000 was made with Capitec Bank. No. Assets Liabilitles Amount Amount Owner's Equity Amount -/+ 4.1 4.2 4.3 4.4 4.5 (0) Record the following transactions of Lehoko Plumbers in the above table provided to ensure that the Accounting Equation is correct after every transaction. All transactions

4.1 contribution. He was issued with recelpt 001. Mr Lehoko deposited R35 000 directly into the business bank account as his capital 4.3 4.2 Equipment to the value of R2 355 was purchased (bought). Lehoko Plumbers received R1 700 for services rendered. 4.4 Weekly wages of R800.were pald to Mr Lehoko's assistant. 4.5 A loan to the amount of R5 000 was made with Capitec Bank. No. Assets Liabilitles Amount Amount Owner's Equity Amount -/+ 4.1 4.2 4.3 4.4 4.5 (0) Record the following transactions of Lehoko Plumbers in the above table provided to ensure that the Accounting Equation is correct after every transaction. All transactions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…
Below are the transactions for Alex in Jan 2019: 1 Alex commenced business by depositing cash RM80,000 in the bank as capital 4 A machine was purchased and paid for with company cheque for RM42,000 8 Alex purchased goods for resale amounting to RM17,500 on credit 12 Alex made a cash sales of RM4,800; cost of good sold was RM2,600 16 Alex received a bank loan of RM30,000, the money was credited to the business bank account 20 Alex brought in his personal car for business use, the car was valued at RM65,000 23 Alex purchased goods for resale amounting to RM35,600, he paid the supplier by cheque 27 Alex paid supplier RM17,000 for the goods purchased on 8 Jan 2018, discount received RM500 30 Alex bought a computer for RM5,200 by cheque Required: Prepare the accounting equation for the month of January 2019.
PaAICulurs April I ZUCK Started busi ness WHh and a cush Rm 20000 KM 40,000 in bank. 4 He bought secunahand renicle for RM 25,060 on (redit 12 He puid rent km 3000 in Cheque 15 Purchase goods Credif RM 700 from sam on 18 Sold gord cedit to Alya (Rm500) in fuy Paid utilHty bil Bought 20 RM 250 In Cash 22 cumputer (RM 4000) I puy km 2o00 in Cush und Rm d000 on credit 25 Setfle Sum money km 2500 29 Pay ralary Cheque in Requirement ) Journal am an d Khas Ledijer 1) Inai balanie
What is the creditor and debtor in these transactions? 10 – 4 – 2021Mr. Salman invested additional Capital 15,000 to develop his business.18 – 4 – 2021He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1)22 – 4 – 2021The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1)25 – 4 – 2021The business returned RO 2,000 worth of phones27 - 4 – 2021Mr. Salman received an invoice for RO 500 from Akbar Travels.This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days29 – 4 – 2021Grand Phones returned RO 800 worth of phones30 – 4 – 2021The owner received cash from Grand phones RO 11,150 in full settlement of their account.
4-Al Jaffar LLC had accounts receivable for RO 25000. They sold the accounts receivable to the Factor for a service charge of 2%. The amount of cash to be recorded in the accounts is a. RO 24500 b. RO 25000 c. RO 25500 d. RO 24000
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a soletrader: Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record all the transaction in the general journal (with narration)b. Record the transaction in the appropriate ledger accounts and balance all theaccountc. Prepare the trial balance as at 28 February 2020
1.1 S Temba owns and personally operates a business, TS Services. The following are a summary of the transaction for the period ended 31 May 2021 No Details of transaction I . Temba deposited an additional R50 000 into the business bank account. 2. Temba bought a second hand vehicle from H Ford Cars for R80 000. A deposit of R30 000 was paid and the balance will be paid in 5 instalments 3. Bought uniforms marked at R 15 000 from Major Fabs. Received a 10% cash discount and paid by electronic funds transfer. 4. Paid an amount of RI 8 000 for rent. 5. Received R8 400 from debtor to settle and account of R8 700. 6. Received an account for repairs to vehicles for R3 800. 7. A total of R72 400 was deposited by clients for services rendered. 8. Temba drew R7 000 from the business for personal use. 9. The first instalment for the vehicle bought from Ford Cars (refer No 2 above) was paid by an electronic funds transfer. 10. Paid…
PROBLEM: Alex Sun had the following transactions. Use the accounting equation show their effect on his Assets, Liabilities, and Capital. A. Invested P65,000. B. Purchased securities for cash P8,500. C. Purchased a home for P15,000: giving P 5,000 in cash and the balance through loan account. D. Sold securities costing P 1,000 for P 1,500. E. Purchase an old car for P 2,800. F. Received cash as salary P 3,600. G Paid cash P 600 for loan and P 200 for interest. H. Paid cash for expense P 400. 1. Received cash for dividend on securities P 300.
5. Collected customer in payment of her P150.00 from This transaction involves_ therefore, it is recorded in, _journal. account 6. Received P500.00 cash payment This from customer for 20 pcs of involves, therefore, it is recorded in, transaction _journal. accessories. 7. Paid utilities expense of the This transaction involves_ store. therefore, it is recorded in, journal. involves. 8. Paid salary of store staff, P6,000. therefore, it is recorded in This transaction _journal. Although this transaction involves purchase on from account, it does not qualify to be recorded 9. Acquired Woodcrafts Shop costing P5,000 purchase journal since the item purchased is not and issued a promissory note. furniture a merchandise; therefore, it is recorded in general journal. 15 Although this transaction involves does not qualify to be recorded -- it 10. You sold old store cabinet of Kikay Kit Store to a friend since the item is not a merchandise; amounting she therefore, P2,000.00, it is recorded in…
Write up the accounts in the books of D. Gough to record the following transactions:2021June 1 Started business with Kshs1,600,000 in the bank.2 Bought van paying by cheque Kshs640,000.5 Bought office fixtures Kshs90,000 on time from Old Ltd.8 Bought van on time from Carton Cars Ltd Kshs710,000.12 Took Kshs18,000 out of the bank and put it into the cash till.15 Bought office fixtures paying by cash Kshs12,000.19 Paid Carton Cars Ltd by Internet transfer from the bank account.21 A loan of Kshs50,000 cash is received from B. Berry.25 Paid Kshs40,000 of the cash in hand into the bank account.30 Bought more office fixtures paying with the business debit card Kshs48,000
13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31st March, 2008 Debit Balances Amt? Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries 500 10,000 20,000 2,06,300 50,000 To Wages To Furniture To Machinery To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 4,500 10,000 2,97,800 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for…
4. Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader:Feb 1 Started business with RM12,000 cash2 Bought goods on credit from Shahirah RM1,0003 Paid rent by cash RM2004 Paid RM11,000 of the business cash into the business bank account6 Sold goods on credit to Tini RM6007 Bought stationery by cheque RM5011 Cash sales RM10014 Returned goods to Shahirah RM15015 Sold goods on credit to Tinggasamy RM1,20018 Goods returned by Tini RM4523 Paid Shahirah by cheque RM85025 Cash purchases RM25027 Received cheque from Tinggasamy RM50028 Received commission by cash RM100Required:a. Record the transaction in the appropriate ledger accounts and balance all the account