The following transactions occurred during the 30 June 2021 financial year and should still be accounted for: Champion Camps had cash sales of R90 000 during the year. The cost of these sales were R45 000. The business made credit sales of R60 000. The cost of the inventory sold was R30 000. An additional R50 000 capital was deposited into the business in order to help expand the business into another city. Inventory worth R75 000 was purchased on credit. The business paid R50 000 to its creditors. Rent of R13 000 was paid during the year. Included in this amount is R1 000 which is the rent for July 2021 and was paid in advance. The business paid wages and salaries of R20 000. The owner of Champion Camps took trading inventory for his private use. These inventories had a selling price of R7 000 and a cost price of R3 500. The business received R15 050 for debts that were owing from customers. 

Prepare the general ledger for the following accounts as at 30 June 2021. Show all calculations. 

Dates are not required but the accounts need to be balanced. Inventory account (7 marks) Bank account

Answer rating: 100% (QA)

To prepare the general ledger for the Inventory account and the Bank account as of 30 June 2021 we n... View the full answer