Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 2 ACTIVITIES
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this is the activity of unit 2 of introduction to financial accounting check out my FIN ACC package as well
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Page 1 of 2INTRODUCTION TO FINANCIAL ACCOUNTING
UNIT 2: ACTIVITIES AND ADDITIONAL NOTES
QUESTION 1
REQUIRED
Record the transactions given below in the appropriate accounts in the General ledger. Close off
or balance the accounts. The financial year ends on the last day of February each year.
HINT: APPLY THE FOLLOWING RULES FOR POSTING.
DOUBLE-ENTRY RULES
DR ASSETS; DRAWINGS; EXPENSES CR
+ –
DR CAPITAL; INCOME; LIABILITIES CR
– +
INFORMATION
Date Transactions for February 2023
01 The proprietor commenced business by depositing R180 000 cash.
04 Purchased inventory by means of an electronic funds transfer, R25 000.
06 Received a credit invoice for inventory purchased, R10 000.
11 Bought consumable items on account, R800.
14 Cash deposited into the bank for inventory sold to customers, R12 000 (Cost R8 000).
17 Purchased equipment for cash, R30 000.
20 Paid for stationery, R400.
21 Inventory sold to clients on credit, R6 000 (Cost R4 000).
24 An EFT was made to CNA to pay for stationery for the owner’s son, R600.
25 Received R700 from a debtor in settlement of his account. Allowed a discount of R50.
26 Cash deposited into the bank for inventory sold to customers, R18 000 (Cost R12 000).
28 An EFT was made to a creditor in part settlement of account, R4 000.
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