Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below sets out account balances from the books of a business. The columns (a) to (1) show the account balances resulting from a

image text in transcribed
image text in transcribed
The table below sets out account balances from the books of a business. The columns (a) to (1) show the account balances resulting from a series of transactions that have taken place over time. You are to compare each set of adjacent columns, ie (a) with (b), (b) with (c), and so on and state, with figures, what accounting transactions have taken place in each case. (Ignore VAT). (e) (d) (a) (1) (b) Assets Office equipment 2,000 2,000 2,000 2,000 Van 10,000 2,000 10,000 3,000 10,000 Bank 10,000 8,000 14,000 4,000 6,000 Liabilities Loan 6,000 6.000 6,000 3,000 Capital 10,000 10,000 10,000 10,000 12,000 12,000 Show the dual aspect, as it affects the accounting equation (assets - liabilities = capital), of the following transactions for a particular business: owner starts in business with capital of 8,000 in the bank buys a computer for 4,000, paying by cheque obtains a loan of 3,000 by cheque from a friend buys a van for 6,000, paying by cheque Fill in the missing figures: Assets Llabilities Capital 20,000 0 15,000 5,000 16,400 8,850 3,850 10,250 25,380 6,950 7,910 13,250

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment With IDEA Software

Authors: Larry E. Rittenberg, Bradley J. Schwieger

4th Edition

0387321500, 978-0324180237

More Books

Students also viewed these Accounting questions