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A) Based on the Accounting Equation, calculate the value of Assets, Liabilities and Capital if:

1. The capital was $35,000 and Liabilities totalled $55,000
2. Assets totalled $60, 000 and Capital was $45,000.
3. Assets totalled $48,000 and Liabilities totalled $22,000 .

B) Enter the following transactions in the accounts of P.Reynolds Balance off the accounts and extract a Trial Balance as at January 31, 2015.

2015
January
1	Started Business with capital in cash of $675 and $1200 in the bank.
2	Bought goods on credit from the following persons: M. Davis $ 825; D. Riley $450 and T. Bailey $420
4	Sold goods on credit to: R. Miller $ 975; S. Jew $ 600; R.Mullings $1215
6	Paid rent by cash $190.
9	S. Jew paid us his account by cash $315
10	R.Mullings paid us $600 by cheque.
12	We paid the following by cheque: M. Davis $195, T. Bailey $ 75.
31	Paid Telephone bill by cheque $ 240

C)

The Bank Statement and Cash Book (bank columns only) for Orvie Elwin for the month of October 2014 are as follows.

Bank Statement
		Debit	Credit	Balance
2014		$	$	$
Oct. 01	Balance			900
03	T. Simeon		150	1 050
07	Cash sales deposit		850	1 900
13	Vehicle loan	1 700		200
15	Standing order	1 000		(800)	O/D
21	Debit transfer	825		(1 625)	O/D
29	Rent	2 300		(3 925)	O/D
29	Credit transfer		4 000	75
30	Bank charges	400		(325)	O/D

Cash Book (bank columns only)
2014		$	2014		$
Oct. 01	Balance b/f	900	Oct. 10	Light & Power Company	180
03	T. Simeon	150	13	Vehicle loan	1 700
07	Cash sales	850	29	Rent	2 300
24	D. Elwin	500
31	Balance c/d	1 780
		4 180			4 180
			2014
			Nov. 1	Balance b/d	1 780

i) Prepare the updated cash book to show the adjusted balance.

ii) Starting with the updated cash book balance, draw up a Bank Reconciliation Statement for Orvie Elwin for the month of October 2014.