Question: QUESTION 2 [ 2 0 MARKS ] a . Show the accounts involved in the May transactions below under the five main headings of the

QUESTION 2[20 MARKS] a. Show the accounts involved in the May transactions below under the five main headings of the financial statement (I.e. assets, liabilities, equity/capital, revenue, and expenses. (7 marks)1 Brian Smith started a business by investing P10,000 in cash 3 Purchased premises for P14,000 payable in 10 equal annual instalments. 4 Paid the first instalment from 3 May. 4 Purchased P1,500 of decorating supplies on credit. 5 Paid wages, P2,000.8 Received P8,000 for services sold. 8 Invested a further P3,000 in the business 10 Bought a van for P2,000 cash. 11 Sold services on credit for P4,000.12 Paid for the supplies from 4 May. 15 Paid registration on van, P30016 Received P3,000 from clients from 11 May service. 16 Withdrew P1,000 for own use. b. Advise what accounts would be debited and credited. (13 marks)

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