[25] You learnt about double entry booking keeping and the debits and credits in chapter 1....

 

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[25] You learnt about double entry booking keeping and the debits and credits in chapter 1. Assume that you are presented with the following information which represents the transactions that took place at Porsche (pty) Itd for the month of November 2023. Owner contributed an additional R250 000 to the business. Purchased inventory worth R85 000 on credit. Sold goods worth R55 000 cash, the goods were previously bought for R35 000 Paid for machinery worth R40 000. Sold goods worth R60 000 on credit, the goods were previously bought for R45 000 Bought consumable stationery worth R12 000 Required Prepare the journal entries for the above transactions. (10) Prepare the ledger accounts for the above transactions (make sure that transactions that affect a similar account are recorded in the same ledger account). (15) [25] You learnt about double entry booking keeping and the debits and credits in chapter 1. Assume that you are presented with the following information which represents the transactions that took place at Porsche (pty) Itd for the month of November 2023. Owner contributed an additional R250 000 to the business. Purchased inventory worth R85 000 on credit. Sold goods worth R55 000 cash, the goods were previously bought for R35 000 Paid for machinery worth R40 000. Sold goods worth R60 000 on credit, the goods were previously bought for R45 000 Bought consumable stationery worth R12 000 Required Prepare the journal entries for the above transactions. (10) Prepare the ledger accounts for the above transactions (make sure that transactions that affect a similar account are recorded in the same ledger account). (15)

Answer rating: 100% (QA)

Based on the information provided here are the journal entries for the transactions listed for the business for the month of November 2023 Note that e... View the full answer