Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 3 ACTIVITIES
- Course
- Institution
this is the activity of unit 3 of introduction to financial accounting check out my FIN ACC package as well
[Show more]
Seller
Follow
BookSquad
Reviews received
Content preview
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.
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 $2.93. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now