SECTION A - SHORT ANSWER QUESTIONS [50 MARKS] Answer ALL questions in this section.

1. Name atleast three sources of accounting information. (4 marks)

2. Mention three internal users of financial information. (3 marks)

3. Differentiate a cash transaction from a credit transaction. (4 marks)

4. Lesego is setting up a new business. Before actually selling anything he bought a van for 4,500,a market stall for 2,000 and an inventory of goods for 1,500. He did not pay in full for his inventory of goods and still owes 1,000 in respect of them. He borrowed 5,000 from C Fox. After the events just described and before trading starts he has 400 cash in hand and 1,100 cash at bank. Calculate the amount of his capital. (10 marks)

5. Enter the following information in the Sales Daybook. (8 marks)

2020 Mar 1 Credit sales to Boago 520 3 Credit sales to Kago 318 5 Credit sales to Nkamo 64 7 Credit sales to Tshepo 165 16 Credit sales to Tholo 540 23 Credit sales to Moriri 360 30 Credit sales to Thobo 2,040