Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 2 SOLUTIONS
- Course
- Institution
this contains answers of the activity of unit 2 of introduction to financial accounting listed on my page check out my FIN ACC package as well
[Show more]
Seller
Follow
BookSquad
Reviews received
Content preview
Page 1 of 5INTRODUCTION TO FINANCIAL ACCOUNTING
UNIT 2: SOLUTIONS
QUESTION 1
GENERAL LEDGER
DR CAPITAL CR
Date Details Amount Date Details Amount
2023
Feb 01 Bank 180 000
DR DRAWINGS CR
Date Details Amount Date Details Amount
2023
Feb 24 Bank 600
DR EQUIPMENT CR
Date Details Amount Date Details Amount
2023
Feb 17 Bank 30 000
DR INVENTORY CR
Date Details Amount Date Details Amount
2023 2023
Feb 04 Bank 25 000 Feb 14 Cost of sales 8 000
06 Trade payables 10 000 21 Cost of sales 4 000
26 Cost of sales 12 000
28 Balance c/f 11 000
35 000 35 000
Mar 01 Balance b/d 11 000
, Page 2 of 5
DR TRADE RECEIVABLES CR
Date Details Amount Date Details Amount
2023 2023
Feb 21 Sales 6 000 Feb 25 Bank 700
Discount allowed 50
28 Balance c/f 5 250
6 000 6 000
Mar 01 Balance b/d 5 250
DR BANK CR
Date Details Amount Date Details Amount
2023 2023
Feb 01 Capital 180 000 Feb 04 Inventory 25 000
14 Sales 12 000 17 Equipment 30 000
25 Trade receivables 700 20 Stationery 400
26 Sales 18 000 24 Drawings 600
28 Trade payables 4 000
28 Balance c/f 150 700
210 700 210 700
Mar 01 Balance b/d 150 700
DR TRADE PAYABLES CR
Date Details Amount Date Details Amount
2023 2023
Feb 28 Bank 4 000 Feb 06 Inventory 10 000
28 Balance c/f 6 800 11 Consumables 800
10 800 10 800
Mar 01 Balance b/d 6 800
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BookSquad. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.85. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now