ACCOUNTING 1
JUNE 2021
MEMORANDUM
PREPARED BY: MTHOMBENI
0767297208
, QUESTION 1
1.1
Equity = Assets - Liabilities
Equipment 36000 Accrued 12000
expenses
Inventory 108000 Trade 72000
payables
Bank 18000
Trade 84000
receivables
162000 246000 84000
1.2
NO Assets Equity Liability Account Account
R R R debited credited
1 +40000 +40000 0 Equipment Capital
2 +15000 +15000 0 Debtor’s control Sales
3 -6800 -6800 0 Drawings Bank
4. -350 -350 0 Interest expense Bank
5 -3000 -3000 0 Donation Inventory
1.3 General journal
Details Debit Credit
1.3.1 Inventory 700
VAT Input 105
Bank 805
1.3.2 Bank 1840
VAT output 240
Sales 1600
Cost of sales 700
Inventory 700
1
JUNE 2021
MEMORANDUM
PREPARED BY: MTHOMBENI
0767297208
, QUESTION 1
1.1
Equity = Assets - Liabilities
Equipment 36000 Accrued 12000
expenses
Inventory 108000 Trade 72000
payables
Bank 18000
Trade 84000
receivables
162000 246000 84000
1.2
NO Assets Equity Liability Account Account
R R R debited credited
1 +40000 +40000 0 Equipment Capital
2 +15000 +15000 0 Debtor’s control Sales
3 -6800 -6800 0 Drawings Bank
4. -350 -350 0 Interest expense Bank
5 -3000 -3000 0 Donation Inventory
1.3 General journal
Details Debit Credit
1.3.1 Inventory 700
VAT Input 105
Bank 805
1.3.2 Bank 1840
VAT output 240
Sales 1600
Cost of sales 700
Inventory 700
1
