Tutorial 1
The following are transactions of Best Fin Holdings (BFH) for February 20.22. BFH
offers different financial services to its clients on both cash and credit.
Feb 1 BFH started with a capital contribution received from the owner of
R 200 000. The money was deposited into the bank account of BFH.
2 Rendered services to Mrs. Sibanda valued at R4 000 on credit.
3 Purchased Equipment of R 30 000 on credit.
5 The owner withdraws R3 000 for personal entertainment.
9 Received R2 000 from the receivable Mrs. Sibanda
10 Received cash of R7 500 for services rendered.
12 Pay the amount due to a payable, Mr. Ndou, R9 000.
22 Purchase stationery from Office Store for R5 000. Pay R3 000
immediately per EFT. The balance is payable in 30 days.
28 Bank charges on the bank statement amounted to R249
REQUIRED
Record the above transactions on the Accounting Equation. Show in a table format
| Date | Transaction | Assets = Liabilities + Owner's Equity |
|------|-------------|-------------------------------------------|
| Feb 1 | Capital Contribution | + R200 000 (Cash) = R0 + R200 000 |
| Feb 2 | Accounts Receivable (Mrs. Sibanda) | + R4 000 = R0 + R204 000 |
| Feb 3 | Equipment Purchase | + R30 000 = + R30 000 + R204 000 |
| Feb 5 | Owner's Withdrawal | - R3 000 = + R27 000 + R204 000 |
| Feb 9 | Accounts Receivable (Mrs. Sibanda) | + R2 000 = + R29 000 + R204 000 |
| Feb 10 | Cash Receipt for Services | + R7 500 = + R36 500 + R204 000 |
| Feb 12 | Payment to Mr. Ndou | - R9 000 = + R27 500 + R204 000 |
| Feb 22 | Stationery Purchase | - R3 000 + R5 000 = + R24 500 + R204 000 |
| Feb 22 | Accounts Payable (Office Store) | - R2 000 = + R24 500 + R202 000 |
| Feb 28 | Bank Charges | - R249 = + R24 251 + R202 000 |