BaSIS Framework for Accounting
Example Transactions
Identify which accounts in the framework are affected by each transaction.
1:
Lisa is starting a car sales business. She puts in $10,000 of her savings to start.
2:
Lisa buys 5 (very used) Toyota Corollas from a lease hire company for $5000.
3:
Lisa makes her first sale, selling one of the Corollas for $2000
Extension:
A:
Lisa thinks she could shift the remaining Corollas more quickly if she offers 50%
finance to buyers with fair credit ratings. They would pay $1000 up front and then $100 per
month for 12 months.
What accounts would be affected at the initial purchase?
What accounts would be affected at the monthly payment?
B:
Later in the year, Lisa is approached by the lease hire company with an offer. They
will supply her with 20 of their end-of-life vehicles for 50% of the cost up front, the rest paid
on sale.
Which accounts will be affected?