QUESTION 1: ACCOUNTING EQUATION Study the following two transactions and complete the table: Goods bought by cheque from Macro Wholesalers, R22 000. Cash sales of merchandise, R40 000. (Mark-up is 60%) 1. 2. Accounting equation Owners' General ledger No. Account debited Account credited Assets Liabilit equity 1. Bank + 40 000 2. Trading inventory OR Trading Stock

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Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.