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Gareth Breese started  a  bammy project in April 2009, by  investing  80,000 from  his      Busta Cup  earnings.  He  also  secured  a  loan  from  the  NIBJ At the  start  of  his      business he had  the  following :                           Equipment    40,000                         Van             100,000                         Stock            20,000       Use  a  the  accounting  equation to   determine  the  amount   he received  as  loan.

Gareth Breese started  a  bammy project in April 2009, by  investing  80,000 from  his      Busta Cup  earnings.  He  also  secured  a  loan  from  the  NIBJ At the  start  of  his      business he had  the  following :                           Equipment    40,000                         Van             100,000                         Stock            20,000       Use  a  the  accounting  equation to   determine  the  amount   he received  as  loan.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Gareth Breese started  a  bammy project in April 2009, by  investing  80,000 from  his 

    Busta Cup  earnings.  He  also  secured  a  loan  from  the  NIBJ At the  start  of  his 

    business he had  the  following :

 

                        Equipment    40,000

                        Van             100,000

                        Stock            20,000

 

    Use  a  the  accounting  equation to   determine  the  amount   he received  as  loan.

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Accounting equation is the fundamental concept being used in accounting. This concept says that after recording each and every transaction, total assets must be equal to total liabilities and capital. 

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