Assess the following transactions and indicate the general

Assess the following transactions and indicate the general ledger account, the accounting element, and the financial affect thereof. Use the template provided. Example: The owner contributed R10 000 to start-up the business.

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Asset Equity Liability

Financial impact

Account impacted

Financial impact

Account impacted

Financial impact

Account impacted

Transactions: 1. Stationery to the value of R150 was purchased on credit from X-IT stationers.

2. The company’s municipal account of R500 was paid by the owner.

3. Sell goods of R1 200 on account to Mrs. Red. The cost of production amounted to R1 000. The company uses the perpetual inventory system.

4. Purchase 20G data for R350 for the administrative office to use during loadshedding.

5. Enter into a financing agreement to purchase a new company vehicle of R250 000. Take ownership of the vehicle on the same day.

6. Pay interest of R1 000 on the vehicle financing.

7. Authorise and release the monthly payroll of R75 000.

8. Sell the old company vehicle for R40 000. The vehicle was originally purchased for R100 000. At date of sale, the accumulated depreciation amounted to R55 000.

9. Account for depreciation of R20 000 on the new vehicle.

10. Pay the quarterly instalment on the vehicle financing of R42 000.

Explanation & Answer

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