Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.
Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Show the effect of the following transactions in the
For example:
| No. | Account DR | Account CR | A = | OE + | L |
| 1. | Furniture | Capital | + 20 000 | + 20 000 | 0 |
- The owner deposited R 60 000 into business current account as his contribution.
- Sold goods on credit to F Malila for R 7000 (Cost price R4 500).
- Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account.
- Bought stationery on credit, R300.
- Owner withdrew R400 for personal use.
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