You can use the accounting equation to confirm this. Write down the accounting equation and see if
Question:
You can use the accounting equation to confirm this. Write down the accounting equation and see if you can work out what happens to it if
(a) a business spends £30 in cash hiring a van for a day and
(b) if a business hires a van for a day at a cost of £30 and is given 1 month to pay the bill. Assume in each case that the business has assets of £200, liabilities of £80 and capital of £120 before the transaction. What happens to capital in each case?
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Step by Step Answer:
The accounting equation is Capital Assets Liabilities In this example it st...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood
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