SUGGESTED SOLUTION 2023 SEMTEST1

QUESTION 1 Accounting equation

Assets Liabilities Equity 196000
Bank
1-
Feb Bank 1 Capital 1
100000 1 100000 1 100000 0.5

3-
Feb Equipment 1
25000 1
Bank 1
-25000 1 -25000 0.5

13- Services
Feb Bank 1 rendered 1
8000 1 8000 1 8000 0.5

14-
Feb Bank 1 Drawings 1
-3000 1 -3000 1 -3000 0.5

26- Commission
Feb Bank 1 income 1
20000 1 20000 1 20,000 0.5

27- Transport
Feb Bank 1 expense 1
-2000 1 -2000 1 -2000 0.5

28- Accumulated Dep Depreciation

Feb Equipment 1 expense 1
-2500 1 -2500 1

Accrued income
receivable/Accounts Services
Receivable 1 rendered 1
12000 1 12000 1
 Accrued
expenses
28- payable/Accounts Wages
Feb payable 1 expense 1
4000 1 -4000 1

presentation 2 totals 2
132500 4000 128500
0
43 20 4 16 98000 3
no negative marking; instead take away from layout & total marks

18 Capital 14 32
1-Mar Bank 50000 1
31-Mar Balance c/d 73000 31-Mar Profit and loss 23000 2
73000 73000
1-Apr Balance b/d 73000 1
Equipment
1 3-Mar Bank 18000 31-Mar Balance c/d 18000
18000 18000
1 1-Apr Balance b/d 18000

Accumulated depreciation Equipment

Depreciation
31-Mar Balance c/d 3500 31-Mar expense 3500 1
3500 3500
1-Apr Balance b/d 3500 1

Accrued income receivable

1 31-Mar Services rendered 5000 31-Mar balance 5000
5000 5000
1 1-Apr Balance 5000

Bank
1 1-Mar Capital 50000 3-Mar Equipment 18000 1
1 15-Mar Services rendered 10000 28-Mar Wifi expense 500 1
1 31-Mar Services rendered 12000

31-Mar Balance c/d 53500

 72000 72000
1 1-Apr Balance 53500
Services rendered
1 31-Mar Profit and loss 27000 15-Mar Bank 10000 1
29-Mar Bank 12000 1
31-Mar Acc inc rec 5000 1
27000 27000
Wifi expense
1 28-Mar Bank 500 31-Mar Profit and Loss 500 1
Depreciation expense
Accumulated depreciation
1 31-Mar equipment 3500 31-Mar Profit and Loss 3500 1
Profit and loss account
1 31-Mar Depreciation expense 3500 31-Mar Services rendered 27000 1
1 31-Mar Wifi expense 500
1 31-Mar Capital 23000
27000 27000
2 presentation of ledger accounts
2 Profit R23 000