Question 1 Asset = Liability + Owner's Equity increase decrees increas decreas increas decrees (RM) e e e (RM) (RM) (RM) (RM) (RM) Example: Pay a creditor RM50 in cash Started business with RM20,000 in the bank. b) Purchased goods RM175 on credit from Mr.Mill Purchased fixtures and fittings on credit RM150 from Joe Furniture. dj Sold goods for cash RM275 to Mr. Todd. Mr. Todd returned goods worth RM114. Paid rent by cash RM15. Bought stationery RM27, paying in cash. h Goods return to Mr. Mill RM23 Bought a motor van by paying cash RM10,000. The owner took cash for himself for RM200 Total