Reference no: EM13381367
Show the effect of the following transactions, relating to WhyMe Ltd, on the accounting equation. Note: Using the headings below as a guide, you need only indicate the amount under the relevant heading, debit or credit. Be sure to include a +/- to indicate the effect on each element. The first one has been done for you as an example.
1. The entity paid for rent for the month of R3 000.
2. The owner contributed his personal equipment to the value of R65 000 as well as cash of R12 000 into the books of WhyMe Ltd.
3. Purchased R12 000 worth of goods for resale from a supplier on credit.
4. Interest was received on WhyMe Ltd's savings account for the month. The account has a balance of R86 000 and earns 12% per annum. The interest was paid directly into the current account of WhyMe Ltd.
5. WhyMe Ltd received an amount of R3 420 from a debtor who was settling the amount owed by it. This amount was the amount after a 5% settlement discount had been provided.
6. A new cash register was purchased by WhyMe Ltd for R2 600. R1 800 was paid for in cash and the remainder was put on our account with the supplier.
