24 Jan 1. Ozinzim & Sons Ltd sold products to customers o
1. Ozinzim & Sons Ltd sold products to customers on the 30 June 2006 for a total price of R10000. The terms of the sale are that payment is due in 30 days. The cost of the products was R8000. What was the most likely net change in the company’s total assets on 30 June 2006 related to this transaction? Explain your answer in full.2. Mkoena Brothers plc paid R12000 of cash to a real estate company upon signing a lease on 31 December 2005. The payment represents a R4000 security deposit and R4000 of rent for each of January 2006 and February 2006. Assuming that the correct accounting is to reflect both January and February rent as prepaid, what was the most likely effect on the company’s accounting equation in December 2005? Explain your answer in full.
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