Answer to Question #195102 in Accounting for skye Louw

Question

Charley Wholesalers trade in textiles. They make use of the perpetual inventory system. Charley Wholesalers entered into the following transactions during March 2019: Date Details 1 The owner Charley Wholesalers contributed R100 000 from his personal funds to the business 7 Cashed a cheque of R3 000 for petty cash 15 Purchased merchandise (trading inventory) by cheque, R30 000 18 Acquired a business loan of R50 000 from the bank 27 Paid off R10 000 on the bank loan

Answer 1

$$Solution$$

The above transaction will have an effect on the accounting equation as indicated below.