By W. Bosua, M. Schutte
A significant desire exists between scholars and others who've now not formerly come into touch with the elemental ideas of monetary accounting. uncomplicated monetary accounting solutions this want. The authors make no assumptions concerning the reader's past wisdom of monetary accounting. sensible workouts on the finish of every bankruptcy permit the reader to check his or her personal development. uncomplicated monetary Accounting is a perfect introductory or bridging textual content for college students new to the topic, their teachers, and for the overall acquisition of the elemental recommendations of monetary accounting. This ebook can be very worthwhile as a revision instrument for easy monetary accounting innovations and ideas. The fourth variation has been completely revised take into consideration the newest IFRS terminology. extra actions were further to every bankruptcy, and a wholly new bankruptcy has been further on value-added tax.
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Extra resources for Basic Financial Accounting
6. 7. 8. 9. 10. 11. 12. 13. 14. 15. G. Properties, R150 000. Purchased inventory from Makro, R5 200 cash. Paid salaries and wages by cheque, R12 800. Cashed sales of inventory, R3 000. E. Insurance company by cheque, R2 000. Bought vehicles from Zero Garage, R60 000 cash. Sold a used computer to a worker, R50 cash. Purchased stationery on credit from Proes Street Stationeries, R350. Paid the interest on the loan at Alpha Bank per cheque, R300. Received a cheque of R500 from a debtor, A. Mans, in full settlement of his account of R520.
Goodwill 5. Cash float 1. Loan (longer 1. Creditors 6. Patents 6. Cash on hand than 12 months) 2. Bank overdraft 7. Trade marks 7. Prepaid expenses 2. Mortgage bond 3. Accrued 8. Vehicles 8. Accrued income expenses Investments 4. Income 1. Long-term investment longer than 12 received in months) advance Negative assets 5. SARS 1. Provision for credit losses 2. Accumulated depreciation 23 Basic Financial Accounting Expenses Statement of profit or loss accounts + Income Expenses 1. Cost of sales 2.
5. The statement of financial position consists only of assets and liabilities. There are two sections in the statement of financial position: Assets Equity and liabilities. 1 You have started your own motor vehicle repair business named ‘‘Moti-Moti’’. The following transactions occur: 1. Deposited R40 000 in the business bank account as capital. 2. Bought tools on credit for R1 500. 3. Bought furniture on credit for R5 000. 4. Repaired a motor vehicle gearbox and received R2 500 for the service rendered.