The following transactions took place in the records of Avari Hotels during September 2017. Avari Hotels...

   

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The following transactions took place in the records of Avari Hotels during September 2017. Avari Hotels uses a mark-up of 25 % on cost and is not registered for VAT. Transactions: 1. The owner, Mr. Avari, started the business by contributing the following: Cash - R100 000 Vehicle - R150 000 2. Avari Hotels bought furniture R25 000 on credit from Hotel Designers. 3. The hotel also bought goods (inventory) for the cocktail bar and paid cash for it - R20 000. 4. The cocktail bar in the hotel sold goods (inventory) R1 500 cash to tourists. 5. The hotel received cash from tourists for services rendered by the hotel staff - R5 000. 6. The owner withdrew R10 000 cash for his personal use. 7. The hotel obtained a loan of R50 000 from BCA Bank and deposited the money in the bank account of the hotel. 8. The hotel paid 15 % per annum interest on the loan obtained in Number 7 by cheque. 9. The hotel paid ½ (one half) of the loan back to BCA Bank by cheque. 10. The hotel paid the water and electricity account of the hotel by cheque, R70 000. YOU ARE REQUIRED TO: Record the above-mentioned transactions in the accounting equation. Indicate whether the Assets +/-, Liabilities +/-, Owners' Equity +/-. Show no effect with a 0. Use the answer sheet provided. Remember to show the amounts. DATE Account Account credited Assets Owners' Liability debited equity 1 (a) 1 (b) 2. 3 4 (a) 4 (b) 5. 6. 7. 8. 9. 10. The following transactions took place in the records of Avari Hotels during September 2017. Avari Hotels uses a mark-up of 25 % on cost and is not registered for VAT. Transactions: 1. The owner, Mr. Avari, started the business by contributing the following: Cash - R100 000 Vehicle - R150 000 2. Avari Hotels bought furniture R25 000 on credit from Hotel Designers. 3. The hotel also bought goods (inventory) for the cocktail bar and paid cash for it - R20 000. 4. The cocktail bar in the hotel sold goods (inventory) R1 500 cash to tourists. 5. The hotel received cash from tourists for services rendered by the hotel staff - R5 000. 6. The owner withdrew R10 000 cash for his personal use. 7. The hotel obtained a loan of R50 000 from BCA Bank and deposited the money in the bank account of the hotel. 8. The hotel paid 15 % per annum interest on the loan obtained in Number 7 by cheque. 9. The hotel paid ½ (one half) of the loan back to BCA Bank by cheque. 10. The hotel paid the water and electricity account of the hotel by cheque, R70 000. YOU ARE REQUIRED TO: Record the above-mentioned transactions in the accounting equation. Indicate whether the Assets +/-, Liabilities +/-, Owners' Equity +/-. Show no effect with a 0. Use the answer sheet provided. Remember to show the amounts. DATE Account Account credited Assets Owners' Liability debited equity 1 (a) 1 (b) 2. 3 4 (a) 4 (b) 5. 6. 7. 8. 9. 10.

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Date Accoount debited Accountd credited Assets Owner... View the full answer