Answer Happy

2. An entrepreneur, Samfya Rufunsa had the following transactions in the month of March, 2022. 2022 March 1 Opened business with K10,000 in the bank and K2,000 in the cash box. March 3 Bought office equipment at K700 on credit from J. Saunders Ltd March 6 Bought motor van paying by cheque K3,000 March 8 Borrowed K1,000 from H. Thompson - he gave her the money by cheque March 11 Rufunsa put further capital into the firm in the form of cash K500 March 12 Paid K350 of the cash in hand into the bank account March 15 Returned some of the office equipment coting K200 – it was faulty - to J. Saunders Ltd March 17 Bought more office equipment, paying by cash K50 March 19 Sold the motor van, as it has proved unsuitable, to R. Jones for K3, 000. R Jones will settle for this by three payments later this month. March 21 Received a loan in cash from J. Habasimbi K400 March 22 R. Jones paid her a cheque for K1,000 March 23 Bought a suitable motor van K3,600 on credit from Pumulo Garages Ltd March 26 R. Jones paid her a cheque for K1,800 March 28 Paid K2,000 by cheque to Pumulo Garages Ltd March 30 R. Jones paid her cash K200 Required: Write up the various accounts needed in the books of Samfya Rufunsa to record the above transactions. (Total: 25 marks)