Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 3 ACTIVITIES
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INTRODUCTION TO FINANCIAL ACCOUNTINGUNIT 3: ACTIVITIES
REQUIRED
Use the transactions of SS Stores provided below to prepare the following:
1. Statement of Comprehensive Income for the month ended 30 April 2023.
2. Statement of Changes in Equity for the month ended 30 April 2023.
3. Statement of Financial Position as at 30 April 2023.
INFORMATION
Date Transactions of SS Stores for April 2023
01 The proprietor, V. Bheki, commenced her business by depositing R200 000 directly into the
bank account of the business.
01 A loan of R100 000 was obtained from Benbank and a direct deposit was made into the account
of the business.
05 Purchased stationery from FD Stationers by means of an electronic funds transfer (EFT), R800.
07 Purchased equipment from JK Furnishers via EFT, R40 000.
09 Purchased trading goods on credit from VB Wholesalers, R44 000.
12 Paid the monthly rental to CS Agency, R4 000.
17 Sold goods on credit to T. Tall at cost plus 50%, R3 000.
18 Cash sales as per cash register tape, R21 000 (Cost R14 000).
19 An EFT for R10 000 was made to VB Wholesalers in part settlement of account. Received a
discount of R300 on this payment.
23 V. Bheki, the proprietor, took goods at cost for her personal use, R700.
25 Purchased consumables on credit from RAQ Suppliers, R2 000.
27 Sub-let part of the premises to a tenant, HiHo Boutique. Received a direct deposit of R1 000
from them.
28 Received R500 cash from T. Tall in part settlement of his account. Allowed him a discount of
R20.
29 Paid the water and electricity bill to the municipality, R3 000.
30 Salaries and wages were paid to the employees, R10 000.
30 Cash sales of merchandise to date, R36 000 (cost R24 000).
30 Paid interest on loan to Benbank for April 2023 at a rate of 12% per annum.
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