Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 15 February 20.1 Abdoola Spaza sold goods to the value of R21 360, on credit, to Mrs S Dlamini. Abdoola Spaza uses the

On 15 February 20.1 Abdoola Spaza sold goods to the value of R21 360, on credit, to Mrs S Dlamini. Abdoola 3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)

On 15 February 20.1 Abdoola Spaza sold goods to the value of R21 360, on credit, to Mrs S Dlamini. Abdoola Spaza uses the periodic inventory system. The correct effect of the transaction on the basic accounting equation in the books of Abdoola Spaza is ... Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) K 3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01) 4. An increase must be indicated by the amount without any sign (eg: 1000.01) 5. If an option has been provided and it is not applicable to the specific question please put N/A in the column. 6. First do the increase and then the decrease. N/A must be done last. 3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01) 4. An increase must be indicated by the amount without any sign (eg: 1000.01) 5. If an option has been provided and it is not applicable to the specific question please put N/A in the column. 6. First do the increase and then the decrease. N/A must be done last. Equity = R Assets - 7 R Liabilities R

Step by Step Solution

3.33 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

SOLUTION To record the transaction in the books of Abdoola Spaza we need to follow the basic account... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

6th edition

978-0070968295, 9781259087462, 978-0071051415

More Books

Students also viewed these Accounting questions

Question

What is the relationship between business risk and audit risk?

Answered: 1 week ago

Question

discuss the use of exercise as an adjunct to therapy.

Answered: 1 week ago