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. 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
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. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Activity: Following are the accounting transactions relating to Mr. P’s business. Use the
- 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
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