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Financial Accounting 1 SECTION B: SHORT QUESTIONS ( 1 0 ?MARKS ) ANSWER ALL THE QUESTIONS QUESTION 1 a ) ?Draft a four - column
Financial Accounting
SECTION B: SHORT QUESTIONS
?MARKS
ANSWER ALL THE QUESTIONS
QUESTION
a ?Draft a fourcolumn statement with the following headings:
Transaction number
Assets
Liabilities
Owner's equity
b ?Record each of the following transactions on the statement. Using a plus sign ?for an increase, a minus sign ?for a decrease, or a nil ?to indicate that the transaction has no influence, show the influence of each transaction on the assets, liabilities and owner's equity in these columns.
A general medical practitioner invests cash and equipment in a medical practice.
He treats a patient and receives his money immediately.
He buys additional equipment, for use in his practice, on credit.
He performs a medical checkup on a patient on account.
He pays for the equipment purchased in point number
QUESTION
The Balance Sheet is divided into two sections. Name these sections and state what each section entails.
QUESTION
Which statement shows how much profit an entity made?
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