QUESTION FOUR

$[25]$

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 R$250000$ to the business.

Purchased inventory worth R$85000$ on credit.

Sold goods worth R$55000$ cash, the goods were previously bought for R$35000$

Paid for machinery worth R$40000.$

Sold goods worth R$60000$ on credit, the goods were previously bought for R$45000$

Bought consumable stationery worth R$12000$

Required

$4\mathrm{.}1.$ Prepare the journal entries for the above transactions.

$4\mathrm{.}2.$ Prepare the ledger accounts for the above transactions $($make sure that transactions that affect a similar account are recorded in the same ledger account$).$

$(15)$

END OF QUESTION PAPER