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. Mr J James is the owener of an enterprise trading as James Traders. At 31 May 2003 the enterprise had the following assets and liabilities: R Delivery vehicle 140 000 Inventory 30 000 Bank (overdraft) 10 000 Creditors 120 000 Debtors 100 000 Accumulated depreciation: vehicles 20 000 Provision for bad debts 5000 Which one of the following amounts reflects the owner’s equity of James Traders at 31 May 2003? A R115 000 B R125 000 C R140 000 D R160 000 2. Capital Limited, who’s ...

FAC1502 EXAM PREPARATION 2021/2022 (Questions And Answers) Make-it-Grow Salon bought hair trimming equipment from Wall Trimmers for R3 500 cash. What is the net effect of this transaction on the elements of the basic accounting equation? • A. Net effect on assets is R3 500 increase. • B. Net effect on assets is R0. • C. Net effect on equity is R3 500 decrease. • D. Net effect on assets is R7 500 increase. • E. Net effect on liabilities is R3500 increase. Answer ...

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