2:02 ... L1_Tutorial.pdf Accounting Equation. Question 3 Samy contributed RM60,000 to start a new business on 1 March 2020, selling school and college textbooks. The following are transactions that occurred in the month of March 2020: Paid by cheque RM20,000 for fixtures and fittings Paid by cheque RM6,000 for office equipment (i.e. computer, printer and fax machine) Purchased inventories totalling RM30,000, of which RM15,000 was paid by cheque and the balance will be paid 2 months later Sales totalling RM12,000, all deposited into the bank account inventories sold were costing RM9,000) Paid staff salaries by cheque RM1,000 Paid shop rental by cheque RM2,000 Paid utilities by cheque RM500 Paid telephone by cheque RM300 Paid printer ink and A4 paper by cheque RM600 Withdrew RM3,000 cheque for personal use Required: (a) Which account was Samy's contribution of RM60,000 put into? Calculate the balance in this account at the end of March 2020. Calculate the inventories balance at the end of March 2020. Prepare a listing based on the Profit Determination Equation for the month of March 2020 and find the amount of net profit (d) Prepare a listing based on the Accounting Equation as at 31 March 2020