On 1 September 2024, Mrs A Zulu opened a new clothing

store, SA Clothing. She will not only sell various clothing items but will also

provide services repairing clothing items for clients. SA Clothing is not

registered as a VAT vendor and makes use of the periodic inventory system.

On 28 September 2024, SA Clothing received an invoice

from SA Telephone Ltd and paid R1 760 with an electronic funds transfer.

Which of the following is true regarding the effect on the equity in the Basic Accounting Equation (BAE), if income is debited in the general ledger?

On 11 July 2024, interest income of R18 400, received from SA Bank, was recorded on the bank statement of Chad Traders' fixed deposit account. Chad Traders is not a registered VAT vendor.

Which account will be debited, and which account will be credited in the general ledger of Chad Traders?

Ellissa Chembe is a sole trader trading as Ellissa Traders. On 30 June 2024 she paid the insurance expense of R6 500 for the month in cash.

How will the transaction be recorded in the general ledger of Ellissa Traders?

Reflection is a very important part of learning and gaining understanding. At university level, we will expect of our students to start using critical thinking skills, one of which is reflecting on what you have learnt and another is to honestly assess what you still do not understand.

In order to answer this question, you need to write a post on your own learning of this learning unit. Here is some questions that could guide you with writing your answer:

1. What did you learn in Learning Unit 2?

2. How did the content you studied in Learning Unit 2 built on the knowledge you obtained through Learning Unit 1?

3. What aspects of Learning Unit 2 did you struggle with?

4. Are there any content that you did not agree with?

5. If you think about career opportunities within the degree you are studying, what type of business entity would be most suitable for you to open your own business? 

On 8 August 2023, Africa Traders bought filing cabinets to the value of R160 000 from SA Dealers. Africa Traders paid a deposit of R30 000 cash and R130 000 was charged to its account. Africa Traders is not a registered VAT vendor.

Which account will be debited, and which account will be credited in the general ledger of Africa Traders?

Which one of the following is not a current asset?

On 15 June 2023, the owner of Africa Traders, Mr A Africa, did an electronic funds transfer of R15 000 into the entity’s bank account as an additional capital contribution. Africa Traders is not a registered VAT vendor.

Which account will be debited, and which account will be credited in the general ledger of Africa Traders?

Use the following information to answer the question below:

What is the total amount for non-current assets?

On 1 January 2022, Mechanical Services bought a toolbox and tools on credit from Motor World for R8 000. The effect of this transaction on the accounting equation of Mechanical Services will be as follows: