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The accounting equation and double entry system Question 2.4 The following ist of assets and labilities appeared in the books of Kiara Enterprises on 28 February 20.7, the last dey of the financial year Equipment Debtors control Petty cash R Vehicles Creditors control Land and buildings Mortgage loan Cash float Trading inventory Loan from Plewman's Bank (R 24 000 redeemable by 28/02/20.8) 120 000 24 000 4 000 2 000 180 000 30 000 400 000 250 000 1 000 15 000 124 000 Required: Calculate the following values of Kiara Enterprises as at 28 February 20.7 (l) Define the following concepts the total of the non-current assets the total of the current assets the totai of the non-current labilities e Assets Owner's equity Liabilities the total of the current liabilities the owner's wealth (equity) . Income . Expenses Example 2.1 (The proverbial 'accounting equation') Now, it is easy to understand that, for an individual W A L. However, the system has evolved over time to be phrased in a different way. Journey through the logic that follows and you will see how we end up with the final accounting equation. So: in business, accountants give 'Worth' a formal name -they call it Owner's equity, which simply means the owner's worth, or equity. Owner's equity means the 'owner's wealth within the business' Thus: Worth # Owner's equity