Following are the accounting transactions relating to Mr. P's business. Use the accounting equation to show their
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Following are the accounting transactions relating to Mr. P's business. Use the accounting equation to show their effect on his assets, liabilities and capital.
- Commenced business with a Capital of 50,000
- Bought Machinery for cash 10,000
- Purchased goods for cash 15,000
- Purchased goods from A on credit 5,000
- Sold goods for cash 10,000
- Paid to A 2,000
- Sold goods to B on credit 3,000
- Paid into Bank 6,000
- Paid to A by cheque 1,000
- Received from B a cheque for 2,000
Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730302414
4th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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