Raphulu Spaza is situated in the Limpopo province. The Spaza shop is not a registered VAT vendor and applies the principles of the perpetual inventory system. After a recent robbery, the owner of Raphulu Spaza, Mr Raphulu, decided to run his business cashless and opened a bank account with Savers Bank. During the month of January 2024 Raphulu Spaza maintained a favourable bank balance.
On 28 January 2024, the owner of Raphulu Spaza made a contribution to the shop by paying R1 900 to ABC bank, as down payment on the shop's mortgage loan from his personal bank account.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format as follows:
Date
Account to be debited
Amount
Element debited
Account to be credited
Amount
Element credited
Example: May 2 Raphulu Spaza purchased inventory for the amount of R5 000 and paid cash. Raphulu Spaza makes use of the periodic inventory system.
May 2
Purchases
R
-5 000
Equity
Bank
R
-5 000
Asset
Complete the table below by selecting the account to be debited, the account to be credited and the element affected on the statement of Financial position (assets, equity and liabilities) from the dropdown menu and filling in the applicable amounts in the correct spaces.
Please indicate whether the transaction increases or decreases the affected element (assets, equity and liabilities) in the amount column (see instruction 3 and 4 for examples)
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000
