Question: SECTION A SHORT ANSWER QUESTIONS [60 MARKS] Answer ALL questions in this section. Question 1 (4 marks) Question 2 (10 marks) Indicate the accounts to

SECTION A SHORT ANSWER QUESTIONS [60 MARKS]

Answer ALL questions in this section.

Question 1 (4 marks)

Question 2

(10 marks) Indicate the accounts to be debited and credited in each of the following transactions. Montle Pty Ltd started business with P300,000 at the bank

a. Bought office furniture paying by cheque P30,000.

b. Obtained a bank loan from the bank for P120,000.

c. Purchased goods on credit from YM Ltd for P30,000

d. Sold goods on credit to AT ltd for P15,000

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