1. See now whether you can record the entries for the following transactions. Mr. A. set up a business selling exercise equipment, trading under the name of Be Fit. He put Rs. 7,000 of his own money into a business bank account (transaction A) and in his first period of trading, the following transactions occurred. Transactions B. Paid rent of shop for the period Rs. 3,500 C. Purchased equipment (inventories) on credit Rs.5,000 D. Raised loan from bank Rs.1,000 E. Purchase of shop fittings (for cash) Rs. 2,000 F. Sales of equipment: cash Rs. 10,000
2. 2. what do you understand by going concern and accrual basis? Clarify with examples.