2.6 The Accounting Equation in Practice

Tasks

Recording the following business transactions using the accounting equation:

  1. Cashed a cheque for R2 000 for petty cash.
  2. Purchased merchandise by cheque for R11 000.
  3. Purchased office equipment for R12 000 on credit.
  4. Paid off R3 000 on a bank loan.
  5. The owner took R5 000 cash from the business bank account using an ATM card.
  6. Owner received the bank statement from the bank showing that interest on current account is R105.
  7. Received a capital contribution of R205 000 in the form of cash.
  8. The owner took stock for personal use, selling price R8 500 and cost price R7 000.
  9. Cash sales of trading inventory selling price R7 950 and cost price R4 968.75.
  10. Paid SA Prop by EFT for trading inventory purchased for R10 000.
  11. Purchased an office printer on credit from Offer (Pty) Ltd for R7 200.
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