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1) Teena Spagetti buys and sells shoes in bulk lots. Her business trading name is Footsies Co. Teena is in her first year of business, so is not yet registered for GST, and uses a perpetual inventory accounting system. Assume transactions are on credit, unless stated as ‘paid’ or for ‘cash’. Teena’s transactions for November 20X1 were as follows:
|
|
$ |
|
|
? Teena commenced business by depositing cash into her business account |
30,000 |
Owners Equity and Asset |
|
? Teena also invested: inventory valued at |
14,000 |
|
|
: equipment valued at |
27,000 |
|
|
? Land and buildings costing $240,000 were purchased with a cash deposit of |
110,000 |
|
|
? The balance was raised by a mortgage with the BNZ Bank |
130,000 |
|
|
? Purchased shoes (inventory) on credit from Don Givup Ltd |
40,000 |
|
|
? Paid for a patent on a shoe design |
6,000 |
|
|
? Delivery expenses on the shoes purchased by Teena were |
2,000 |
|
|
? Wages paid were |
9,000 |
|
|
? Sold shoes for cash (cost price was 26,000) |
91,000 |
|
|
? Paid business insurance |
500 |
|
|
? Paid personal insurance |
700 |
|
|
? Sold goods on behalf of Glasson’s and received cash commission of |
4,000 |
|
Teena won cash at Lotto (lottery), and invested it in the business
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