Some transactions of AB Corporation, dealing in readymade garments, during a month are as follows: 1. Investment offunds by the proprietor into the business. 2. Rented a place for shop and paid refundable deposit. 3. Purchasedfurniture on credit.PLEASE MAKE SUBMISSIONS IN EXCEL 4. Purchased garments for sale on credit. 5. Bought a newcomputer for the use of business and paid through cheque. 6. Paid amount due to furniture vendor. 7. Availed bankloan for the business. 8. Received amount due from customer. 9. Cash withdrawn by the proprietor for personalpurposes. 10. Received advance cash towards order of garments, to be supplied next month. 11. Bills raised for whichamount was to be received. 12. Cash purchases of items of stationery. 13. Some chairs were found defective andreturned to the vendor. Vendor returned the cash immediately. 14. Payment for utilities. 15. Placed order for purchaseof new stock of garments. Using the format given below, state weather each transaction resulted in increase or decreaseor had no effect on the company's assets, liabilities and equity. Write in detail what increases, what decreases and thenthe net effect on assets, liabilities and equity...

Please See Step - 1 for detailed answer. Explanation:Step 1:Effect of above transactions on Asset,…

Answered: Some transactions of AB Corporation,…

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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