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Question 3.7 the tan Ques LIABILITIES REQUE he Expenses Loan Credi. Calcul REQUIRED Show the effect of every transaction on t

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Answer #1
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Freshers
Answer a Assets = Equity Liabilities
Date Equipment + Inventories + Debtors + Bank = Capital + Income - Expenses + Loan + Creditors
Opening Balance      65,000.00 +      18,000.00 +        7,500.00 +        8,100.00 =        57,000.00 + - +      30,000.00 +      11,600.00
2 +      (5,600.00) +        8,400.00 + = +        8,400.00 -        5,600.00 + +
3 + +      (1,500.00) +        1,500.00 = + - + +
4 +        2,000.00 + + = + - + +        2,000.00
5 + + +          (350.00) = + -           350.00 + +
6 +      (4,800.00) + +        7,200.00 = +        7,200.00 -        4,800.00 + +
7 + + +      (3,000.00) = + -        3,000.00 + +
8 + + + = + -           120.00 + +           120.00
9 + + +      (3,000.00) = + -        3,000.00 + +
10 + + +      (2,800.00) = + - + +      (2,800.00)
11 + + +           140.00 = +           140.00 - + +
$ 65,000.00 + $   9,600.00 + $ 14,400.00 + $   7,790.00 = $   57,000.00 + $ 15,740.00 - $ 16,870.00 + $ 30,000.00 + $ 10,920.00
Answer b
Statement of profit and loss and other comprehensive income Amount $
Sales      15,600.00
Rent Revenue           140.00
Total Revenue     15,740.00
Less: Expenses
Cost of good sold      10,400.00
Repairs expense           350.00
Rent Expense        3,000.00
Stationary Expense           120.00
Interest Expense        3,000.00
Total Expenses     16,870.00
Net Income      (1,130.00)
Workings
Statement of Owner's capital Amount $
Opening balance      57,000.00
Add: Net Income      (1,130.00)
Closing Retained Earnings     55,870.00
Answer c
Statement of financial position
Assets Amount $
Bank        7,790.00
Accounts Receivable      14,400.00
Inventories        9,600.00
Equipment      65,000.00
Total Assets     96,790.00
Liabilities & Owner's capital
Creditors      10,920.00
Loan      30,000.00
Capital      55,870.00
Total Liabilities & Stockholder's Equity     96,790.00
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