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Fixed assets, also known as tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily

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Fixed assets, also known as tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, described as liquid assets. With reference to the IAS 16, IFRIC 1 and IAS 20 which includes the amendments to November 2010, provide a broader and detailed student understanding with regards to the abovementioned description of property, plants and equipment. INFORMATION: The following transactions relates to the books of O.S Tautona Traders 3.1 The owner deposited R 90 000 into the business account as his contribution to the business 3.2 Sold goods on credit to SJ Thafeni, R 10 000 3.3 Business obtained a loan of R33 000 from African Bank 3.4 Bought stationery on credit, R3 300 3.5 Cash sales of goods, R63 500 Required: Prepare an accounting equation for the transactions outlined above. Fixed assets, also known as tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, described as liquid assets. With reference to the IAS 16, IFRIC 1 and IAS 20 which includes the amendments to November 2010, provide a broader and detailed student understanding with regards to the abovementioned description of property, plants and equipment. INFORMATION: The following transactions relates to the books of O.S Tautona Traders 3.1 The owner deposited R 90 000 into the business account as his contribution to the business 3.2 Sold goods on credit to SJ Thafeni, R 10 000 3.3 Business obtained a loan of R33 000 from African Bank 3.4 Bought stationery on credit, R3 300 3.5 Cash sales of goods, R63 500 Required: Prepare an accounting equation for the transactions outlined above

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