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Accounting

QUESTION :

ACCOUNTING EQUATION AND CREDITORS CONTROL

REQUIRED

1. Show the effect of the following transactions of Brentford Stores on the Accounting equation. Use "+"to denote an increase, "-" to denote a decrease and "0" to denote no change to the elements of the equation.

2. Assume that the bank balance is favourable at all times.

• Issued a cheque to Banned Suppliers for equipment purchased, R8 000.

• Received R3 000 from a debtor in settlement of his account.

• Obtained a loan of R150 000 from Volt Bank.

• Issued a receipt to the proprietor who increased his capital contribution by R200 000.

• Interest received on fixed deposit from Volt Bank, R1 000.

• Purchased a printer on credit, R6 000.

• Received R8 000 from AJ Venter for services rendered.

• Settled the account of a creditor by cheque, R2 500.

• Proprietor drew a cheque of R8 500 for personal use.

• Received rent from the tenant, R6 000.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91971526

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