T accounts

SECTION B: BOOKKEEPING KNOWLEDGE QUESTION 3 [20 MARKS] Below are Busy Bees Kids (BBK) financial transactions. Record the transactions in the T-Accounts attach this to your Answer Book. Write account names, record amounts, indicate account where next entry will be found. Each correct recording carries 1 mark. T1, T2 etc refer to Transaction 1, Transaction 2 etc. Transaction 2 etc. 1 Mary starts a kindergarten and names it Busy Bees Kids (BBK). She sets aside N$400 000 from her personal savings as start-up capital. The N$400 000 is deposited in the BBK bank account 2 2 BBK buys a building for N$300 000 from RealNam marks Estates and pays a deposit of N$50 000. Balance is to be paid over 5 years. 3 BBK bought furniture valued at N$25 000 and paid for Marks in full by cheque 2 BBK's bursar withdrew N$10 000 from the school bankmarks account. The N$10 000 is to be kept in BBK's cash safe for transactions that may require payment in cash. Mary put an additional capital of N$100 000 into BBK., The money was transferred into BBK bank account. 2 marks 2 marks 2 T5 Mary put an additional capital of N$100 000 into BBK. mark The money was transferred into BBK bank account. 2 marks T6 BBK bought a mini-bus for N$120 000 from BusCar Ltd. A deposit of N$60 000 was paid. Balance to be paid over 4 years. 3 marl T76 BBK bought computers valued at N$30 000 from Hi-Fi Corporation and paid a deposit of N$10 000 by cheque. On the same day, office equipment valued at N$15 000 was also bought on credit from Hi-Fi Corporation and a deposit of N$2 000 was paid in cash