lyse the ation. Smith owns a small business that sells vuvulezas to s . them at RIO each and sells them for R25. tuys them at R10 each and sells them for R25. urchased 100 vuvuzelas and paid cash for them. tions using the basic accounti ald 40 at a soccer match at the local stadium. ame tourists bought 10 units from Peter. aid R200 for petrol for the business car. ald 30 units but he only managed to get R20 each.
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- Activity 4 The accounting equation #Analyse the following transactions using the basic accounting Smith owns a small business that sells vuvulezas to sports fans. Ma buys them at R10 each and sells them for R25. Purchased 100 vuvuzelas and paid cash for them. Sold 40 at a soccer match at the local stadium. Some tourists bought 10 units from Peter. A Paid R200 for petrol for the business car. Sold 30 units but he only managed to get R20 each. Placed an advertisement in the local paper at a cost of R125. , Analyse the following transactions using the basic accounting equation. Nkosi Kwando owns a small spaza store and she marks up all her good by 50%. a Buys R2 500 of trading stock from Makro and pays with a cheque. b Issues a cheque for R1 200 for a new printer. c Sold some stock for R750 (Cost price- R500). d Received R5 000 from the bank as a loan. e Purchased more stock for cash - R3 500. f Good sales led to receiving R3 000 from cash sales. g Stock with a cost price of R600 were…Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).1.8A R. Hill is starting a business. Before starting to sell anything, he bought fixtures for £3,200, a van for £4,750 and an inventory of goods for £2,340. Although he has paid in full for the fixtures and the van, he still owes £1,910 for some of the inventory. P. Harding lent him £5,000. After the above, Hill has £520 in the business bank account and £100 cash in hand. You are required to calculate his capital.
- Jack Brown Campus Cleaners launders the shirts of customer Bobby Baylor, who has a charge account at the cleaners. When Bobby picks up his clothes and is short of cash, he charges it. Page 5|9 Later, when he receives his monthly statement from the cleaners, Bobby writes a cheque on his bank account and mails the cheque to the cleaners. Identify the two business transactions described here. Which transaction increases the business’s owner’s equity? Which transaction increases Jack Brown Campus Cleaners’ cash?X the column involved in the journal entry. Debit Cash Account 1 business You put $10,000 cash in your 2 next month. You sell a $5000 painting to Joey. The money's due You buy $300 supplies on account 3 from the paint store You pay $100 cash bonus to your helper so they can buy 4 turkey dinner. 8 5 delivered. 9 You owe Staples for $75 of copy paper you had 6 Joey paid his bill You pay off what you owe at the 7 paint store Amy puts $300 on your desk for a painting you'll do over New Years You pay Staples You buy a scanner 10 for $4000 cash Debit Accts Receivable Debit Accts Payable Credit Cash Credit Credit Accts Accts Receivable Payable h01 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…
- 4. Lesego is setting up a new business. Before actually selling anything he bought a van for 4,500,a market stall for 2,000 and an inventory of goods for 1,500. He did not pay in full for his inventory of goods and still owes 1,000 in respect of them. He borrowed 5,000 from C Fox. After the events just described and before trading starts he has 400 cash in hand and 1,100 cash at bank. Calculate the amount of his capital.The Coffee Can Accounting System In this problem you are the only owner. You are saving for a trip by putting your money into a coffee can. When it is time to take the trip, the coffee can is a little short of the cash you need for your trip. Your Grandma Smith and Grandma Jones loan the coffee can the additional cash you need for the trip. Your Grandmas do not charge any interest on the loans. After you return from your trip, you continue to put money into the coffee can from wages you earn from your summer job. You then pay your grandmas with cash from the coffee can. After paying off the loans there is some cash remaining in the coffee can, which you will use for a future trip. Use the forms in the Excel file Problem 1-1 Forms to complete this problem. Requirement 1 A. Label the accounting equation above the “T” accounts. B. You will utilize the following four accounts: Cash, Note Payable-Smith, Note Payable-Jones, and My Equity.. Label the four “T” accounts using these account…Unit Activity: Mathematical Models and Investments Part C Sam qualifies for a home loan and, after an intensive search, purchases a home. He makes his payments on time for about three months and then faces financial problems and cannot make payments anymore. Does Sam have good debt or bad debt? Why? BI U X² X₂ 15px Space used (includes formatting): 0/15000 15px Part D Mark adds Jim to his credit card as an authorized user. Jim defaults on the credit card. What may happen if Mark tries to apply for a car loan to purchase a car? BIUX² X₂ O AVV 目 ≡ ≡ ≡ V V M A 5 of 11 冈田 Apr 12 2:09 O Save & Exit
- DO IT IN EXCEL AND SHOW FORMULAS DO IT IN EXCEL AND SHOW FORMULAS Jorge Del Llano, a start-up merchant, needs $360,000.00 liquid to invest in inventory and pay certain start-up expenses for his business. The Bank has investigated him and considers him eligible for credit. The Bank authorizes an unsecured credit facility, subject to the provision of a line of credit appropriate to your needs, charging 18% interest for a term of 60 days. The origination fee is 1.25%. For what amount was the loan signed for Del Llano to receive the $360,000 free of charge?A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000QUESTION ONE As a fresh graduate from the school of business at Mulungushi University, you have just been employed by an emerging successful entrepreneur, a Mr. Kyambalesa, as his Accountant.Kyambalesa is a retail grocer involved in buying and selling of goods. You have discovered that Kyambalesa together with one of his clerical employee had just completed preparing accounts for the year ended 31 December 2022. The accounts reveal a profit of K305,000= You have just gone through the accounts and other related documents and discovered the following: 1. Mr. Kyambalesa withdrew goods from his business for domestic use valued at K10,000 purchase cost. He makes a profit of 25% on cost. Kyambalesa recorded this withdrawal in the accounts as a sale to himself at cost (K10,000). 2. You discover that there was a further withdrawal of goods for domestic use valued at K2,000 cost, which was never recorded in the accounts and therefore did not affect the profit of K305,000 in any way. 3. Mr.…