Since Sandy promised to present information to her father at the end of every month, process...

   

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Since Sandy promised to present information to her father at the end of every month, process the above transactions through a detailed accounting equation as shown in the example below. Prepare the statement of financial position and the statement of profit or loss and other comprehensive income for the month ended 31 July 2018. NB: Show increases as a +, decreases in (brackets) and 0 for no effect. Example: Detailed accounting equation: Sandy Barber's Hair Salon: Detailed accounting equation for the month of July 2018 Date 1 2 ASSETS Equip & Tools R +5 000 0 Bank R +20 000 (2 500) Trade Debtors R = EQUITY 0 = 0 = Capital R +25 000 0 Income/ Expend. R 0 (2 500) + + LIABILITIES Non- current R 0 la 0 Current R 0 0 July 2 3 8 10 19 25 30 31 Rent of R2 500 was paid for the month of July 2018. An amount of R15 000, borrowed from her father, was deposited into the business bank account. The loan will be paid on 31 July 2021. All the necessary equipment and additional tools were purchased on credit from Snip Suppliers for R18 000. Consumable supplies such as Gels, Toners and Dyes were purchased for R6 500cash. R300 was paid for advertising in the local newspaper. "Flyers" to the value of R200 was purchased and distributed. Service fees of R5 000 was deposited into the bank a/c. Snip Suppliers were paid R6 000 on their account. Salaries and wages of R8 000 was paid. Sandy withdrew R3 000 to pay for her personal expenses. Banked service fees of R12 000. Paid the business electricity of R1 200 and telephone R800. Paid Sandy's personal electricity and telephone of R1 000. Services rendered of R3 000 on account to be paid in 30 days. Since Sandy promised to present information to her father at the end of every month, process the above transactions through a detailed accounting equation as shown in the example below. Prepare the statement of financial position and the statement of profit or loss and other comprehensive income for the month ended 31 July 2018. NB: Show increases as a +, decreases in (brackets) and 0 for no effect. Example: Detailed accounting equation: Sandy Barber's Hair Salon: Detailed accounting equation for the month of July 2018 Date 1 2 ASSETS Equip & Tools R +5 000 0 Bank R +20 000 (2 500) Trade Debtors R = EQUITY 0 = 0 = Capital R +25 000 0 Income/ Expend. R 0 (2 500) + + LIABILITIES Non- current R 0 la 0 Current R 0 0 July 2 3 8 10 19 25 30 31 Rent of R2 500 was paid for the month of July 2018. An amount of R15 000, borrowed from her father, was deposited into the business bank account. The loan will be paid on 31 July 2021. All the necessary equipment and additional tools were purchased on credit from Snip Suppliers for R18 000. Consumable supplies such as Gels, Toners and Dyes were purchased for R6 500cash. R300 was paid for advertising in the local newspaper. "Flyers" to the value of R200 was purchased and distributed. Service fees of R5 000 was deposited into the bank a/c. Snip Suppliers were paid R6 000 on their account. Salaries and wages of R8 000 was paid. Sandy withdrew R3 000 to pay for her personal expenses. Banked service fees of R12 000. Paid the business electricity of R1 200 and telephone R800. Paid Sandy's personal electricity and telephone of R1 000. Services rendered of R3 000 on account to be paid in 30 days.

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Detailed Accounting Equation Assets Liabilities Equity Equip Tools Bank Trade Debtors Trade Creditor... View the full answer