Mrs. Bouncy is very passionate when it comes to business ideas. On 1 November 2017
they decided to start a business in Bush plot. Their business specializes in buying and
selling imported cosmetics from Tanganyika. They named their business Bouncy
Cosmetics (Pty) Ltd, the financial year of their entity starts on 1 November each year.
Since Mrs Bouncy have no knowledge of accounting, she asked you to record the
transactions in her business books.
You are required to create the following general ledger accounts if necessary before
processing the opening balances listed in Question 1.
1. You are required to capture the opening balances of Bouncy Cosmetic (Pty) Ltd
accounts, including accumulated depreciation for all non-current assets as at 01
November 2019 (Period one).
2. Update all batches and move on the next question
1 Supplier Processing
The business bought and processed all the inventory items from the suppliers as follows
in December 2019:
06th – Ice cosmetics – bought 8 Red Door and 12 White Diamond and received a
0.9% trade discount on Red Door only
10th – Ice cosmetics – bought 8 Clue Ice, 9 Black horse, 10 White Diamond and
received a 5% invoice discount
14th – Clean smell – bought 12 Black horse and 13 Red Door
16th – Ellis (Pty) Ltd -bought a Olivetti printer, N$4 350
2 Customer Processing
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