2020 BGSS 3N POA EOY P1 Q3
3 Mickey started his business on 1 August 2020. During the first week of trading, Mickey’s business transactions included the following:
1. Mickey contributed money into the business bank account from his personal funds.
2. Paid rent by cheque.
4. Purchased fixtures and fittings with a cheque.
REQUIRED
a. Complete the following table by naming the accounts to be debited and credited for each of the above transactions.
[8]
Account Debited | Account Credited | |
1 | ||
2 | ||
3 | ||
4 |
[TOTAL 8]
SOLUTION
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a)
Account Debited | Account Credited | |
1 | Cash at bank | |
2 | Rental expense | Cash at bank |
3 | Trade payable – Boon | |
4 | Fixtures and fittings | Cash at bank |