SECTION C - 40 MARKS
Match the items in column A with the meanings given in column B. Write the number and corresponding letter of alphabet next to it. Eg. 1.6. G
|NO |WORD/TERM | |MEANING | |1.1 |Asset |A |Amounts of money owed to other people. | |1.2 |Fixed asset |B |Actual worth of an individual | |1.3 |Current asset |C |Something owned by a business or person. | |1.4 |Liability |D |Not purchased with the intention of reselling. | |1.5 |Owner’s Equity |E |This changes in value. |
(5 Marks) ANSWERS
From the transactions given below, draw up the CASH RECEIPTS JOURNAL , CASH PAYMENTS JOURNAL , DEBTORS JOURNAL AND CREDITORS JOURNAL of Magic Traders for the month of August 2011. Do NOT Cast the journals at the end of the month.
The following cash transactions took place during August 2011: |01 August 2011 |M.Magic, the owner, deposits R25 000 in the bank account to start the business. Receipt No 01 is | | |issued. | |02 August 2011 |Bought a new cash register and paid Curly Sue by cheque 301, R5 600. | |03 August...