260Unearieu Imu580Miscellaneous ExpenseEQUITY590Losses310Owner's CapitalEOwner's Drawing320Learning Task 2: Read carefully the following situation and determine thesets, Liabilities, and Equality of this situation. Write your answer in your otebook.The business was put up from a cash of #200,000, the initial capital of the owner.Then, P40,000 of the cash was used to purchase an equipment to be used in busi-ness. The purchase of equipment resulted in a liability of P20,000. How much arethe total assets of the business?Solutions:PIVOT 4A CALABARZON20

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Description: 260Unearieu Imu580Miscellaneous ExpenseEQUITY590Losses310Owner's CapitalEOwner's Drawing320Learning Task 2: Read carefully the following situation and determine thesets, Liabilities, and Equality of this situation. Write your answer in your otebook.

Assets are the rights and resources held by the business. Liabilities are the obligations or dues of…

Business

Accounting

Learning Task 2: Read carefully the following situation and determine the A sets, Liabilities, and Equality of this situation. Write your answer in your note book. The business was put up from a cash of P200,000, the initial capital of the owner Then, P40,000 of the cash was used to purchase an equipment to be used in busi- ness. The purchase of equipment resulted in a liability of P20,000. How much an the total assets of the business? Solutions: PIVOT 4A CALABARZON 20

Learning Task 2: Read carefully the following situation and determine the A sets, Liabilities, and Equality of this situation. Write your answer in your note book. The business was put up from a cash of P200,000, the initial capital of the owner Then, P40,000 of the cash was used to purchase an equipment to be used in busi- ness. The purchase of equipment resulted in a liability of P20,000. How much an the total assets of the business? Solutions: PIVOT 4A CALABARZON 20

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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Concept explainers

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

Topic Video

Question

260
Unearieu Imu
580
Miscellaneous Expense
EQUITY
590
Losses
310
Owner's Capital
E
Owner's Drawing
320
Learning Task 2: Read carefully the following situation and determine the
sets, Liabilities, and Equality of this situation. Write your answer in your ote
book.
The business was put up from a cash of #200,000, the initial capital of the owner.
Then, P40,000 of the cash was used to purchase an equipment to be used in busi-
ness. The purchase of equipment resulted in a liability of P20,000. How much are
the total assets of the business?
Solutions:
PIVOT 4A CALABARZON
20

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Write your answer in your notebook. The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of ₱20,000. How much are the total assets of the business?