Paid $1500 cash of a liability due. f. Returned defective office equipment worth $ 1000. 8 Obtained $100,000 as a loan from a bank, for business use. h. Owner gave a laptop to his son as a birthday gift, worth $10,000, which was used in the business. Required: Prepare an Accounting Equation (tabular Form) from the above transactions. Q NO 3. Answer short Questions. (Answers should not exceed 2 lines) 1. What is the purpose of Accounting? 2. What is meant by the terms business transaction? 3. What are financial statements? Why they are prepared? 4. The Owner Equity in a business arises from what two sources, what are those? THE END