"Aca John Doe is a general dealer, known as Aca Traders.
"
"They use the perpetual inventory system.
"
Goods are sold at cost plus 40%.
Balances/Totals in the records of Aca Traders on 31 December 20.12
Dt Cr
R R
Capital 450 000
Vehicles 105 000
Bank (Dr) 12 000
Debtors 12 800
Land and buildings 200 000
Equipment 45 000
Inventory 172 000
Creditors 29 000
Sales 417 000
Cost of sales 278 000
Salaries and wages 85 000
Telephone 9 800
Water and electricity 6 400
Rent income 30 000
TRANSACTIONS FOR DECEMBER 20.12
1 Cash sales of inventory, R6 300. (Cost R4 500)
4 Purchased equipment on credit from NZ Dealers, R14 000.
7 Issue a receipt for rent received, R4 500.
9 Bought merchandise from General Stores, R18 000 less 5% trade discount and paid per EFT.
11 Paid wages for the week, R2 500.
12 Issue a EFT to creditor A. Khobeka to pay their account of R4 200 after deducting 10% discount received.
16 Cash sales of inventory, R9 100.
22 Paid the telephone account per EFT, R650.
30 Paid the municipality for water and electricity, R1 800.
REQUIRED
1. Enter the above transaction in the accounting equation by making use of the following headings:
Income – Expenses + Capital = Assets - Liabilities
2. Record the transactions in the Financial Statements.