11. There are 5 forms of settlement: bank, barter, capital, cash, and IOU. For each of...

 

Transcribed Image Text:

11. There are 5 forms of settlement: bank, barter, capital, cash, and IOU. For each of the following 5 transactions, complete the table below with: (1) The form of settlement (ii) The account to be debited (iii) The account to be credited (iv) The amount (a) A sole proprietor uses 60 of his own money to pay the business Internet bill for May. (b) On Monday, a shop deposits its daily cash takings of 790 into its bank account. (c) The owner, D. Healey, lends her business 4,000 which she pays into the business bank account. (d) A farmer accepts a sheep in full payment when he sold a pig to B. Black. The selling price of the pig was 300. (e) A business buys goods for 180 in cash. (ii) Account Debited CASH BANK BANK PIG GOODS (1) Form of Settlement (a) CAPITAL (b) BANK (C) JOU (d) BANK (e) CASH (iii) Account Credited CAPITAL CASH CAPITAL BANK CASH (iv) 60 790 4000 300 180 [20 Marks] 11. There are 5 forms of settlement: bank, barter, capital, cash, and IOU. For each of the following 5 transactions, complete the table below with: (1) The form of settlement (ii) The account to be debited (iii) The account to be credited (iv) The amount (a) A sole proprietor uses 60 of his own money to pay the business Internet bill for May. (b) On Monday, a shop deposits its daily cash takings of 790 into its bank account. (c) The owner, D. Healey, lends her business 4,000 which she pays into the business bank account. (d) A farmer accepts a sheep in full payment when he sold a pig to B. Black. The selling price of the pig was 300. (e) A business buys goods for 180 in cash. (ii) Account Debited CASH BANK BANK PIG GOODS (1) Form of Settlement (a) CAPITAL (b) BANK (C) JOU (d) BANK (e) CASH (iii) Account Credited CAPITAL CASH CAPITAL BANK CASH (iv) 60 790 4000 300 180 [20 Marks]

Answer rating: 100% (QA)

1 Form of Settlement a CAPITAL b BANK c LOAN ... View the full answer