The following transactions have been extracted from the books of a parthership ZT Traders (partners Zel an Tees) at the financial year end 28 February 20.9. The business applies a \( 60 \% \) mark-up on cost on all goodi The bank account has a credit balance at all times. REQUIRED: Analyse the following transactions under the headings in your Answer Book. The first one has been done a an example for you. TRANSACTIONS: E.g.: Paid the electricty account of R2 500. 1. Received a direct deposit from a tenant for rent of \( R 5500 \). 2. Provision for bad debts of R3 200 must be reduced to R2 900. 3. Bought packing materials on credit for R1 600 less \( 8 \% \) tade discount. 4. Paid the creditor (see No. 3) by EFT the amount owing less \( 5 \% \) discount. 5. Debtor, J. Mkhize, deposited an amount of R4 248 after a discount of \( 11,5 \% \) had been deducted. 6. Partner Zel took goods with a selling price of R5 000 for his own use. 7. Parther Tees withdrew his monthly salary of R12 000. 8. Partner Zel tuansferred a Gr balance of R 45000 on his current account to his capital account. 9. Trading stock with a selling price of R90 000 must be written down to \( 10 \% \) below the cost price as the stock is now old. 10. Dehtor, J. Mshala, claimed an allowance of \( 15 \% \) on goods with a cost price of R3 600 as they were damaged. Alowed her this claim. 11. A creditor with a debit balance of R500 must be transferred to her debtors account. 12. Depreciation must be written off equipment of R4 200. 13. A credit sale of R950 to F. Fly was recorded in the account of B. Bea in error. 14. Transfer the gross profit of R120 000 . 15. Allocate the interest on capital to partner Zel of R15 000. 16. The final division of profit to partreer Tees was R65 000. 17. The Pre-Adjustment Trial Balance showed insurance of R 33800 . This included an annual premium of R13 200 paid on 1 November 20.8. 18. The consumable stores on hand on 1 March 20.8 for 2920 was not reversed. Make the correction. 19. Partner Zel's personal insurance of \( R 750 \) was debited to the insurance account. Paid the rates deposit of R7 800 to the municipality.
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The Deep Dive
Did you know that partnerships like ZT Traders often face unique challenges when managing finances compared to sole proprietorships or corporations? Partnerships usually mean multiple stakeholders with different contributions and withdrawals. This can complicate financial records, but good accounting practices ensure transparency among partners and enable effective decision-making. Maintaining accurate records of each partner’s transactions helps prevent conflicts and keeps the partnership running smoothly! When dealing with transactions in a partnership, one common mistake is failing to properly document withdrawals and contributions by partners. This can result in inaccurate capital accounts or mismatched balances during financial reviews. Always ensure that any withdrawals, salaries, or transfers are clearly stated and recorded to maintain clarity and avoid future disputes! Keeping an up-to-date ledger can save a lot of head-scratching down the line. Happy accounting!