Complete the gaps in the columns to show the effects of the following transactions: (16) Effects upon: Assets Equity Liabilities e.g Started a business with N$ 50000 in the bank +50000 +50000 +0 a) We pay a creditor N$7000 in cash b) Bought fixtures N$20000 paying by cheque c) Bought a vehicle on credit N$27500 d) The Proprietor introduces another N$20000 into the firm e) J Katoma lends the firm N$20000 in cash f) A debtor pays us N$ 5000 by cheque g) We sell goods for N$ 20000 cash h) Paid rent N$5000 by cheque

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is