Equation Accounting Assingment Help With Solution

Equation Accounting Assingment Help With Solution

Show the effect of the following transactions on the accounting equation using the following headings:

Bank Accounts Receivable Vehicles Equipment
Expenses Drawings Accounts Payable Loan
Capital Fees    
May1 Willy Whizz commenced business as a builder. He opened a bank account for the business with his cash 26,000
2 Paid one month’s rent for the workshop 250
3 Purchased a truck from Used Trucks Ltd 8,000
4 Paid Used Trucks Ltd on account 4,000
5 Obtained a loan for the business from T Drage 10,000
7 Paid Used Trucks Ltd the balance owing 4,000
8 Purchased equipment on credit from Mountain Equipment Supplies Ltd 1,500
9 Paid rates on private residence 600
10 Paid Tokaanu garage for petrol 50
11 Purchased hardware (expenses) from Tongariro Hardware on credit 350
12 Invoiced T Roberts paid account in full 6,500
17 T Roberts paid account in full  
19 Paid Ruaoehu Press for advertising 150
30 Will draw a cheque for living expenses 350

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Income Statement, Balance Sheet And Statement Of Changes In Equity

Accounts Payable 16,000
Accounts Receivable 30,000
Advertising 6,000
Bank 40,000
Land & Buildings 50,000
Capital (1/4/20X4) 98,000
Cost of Sales 60,000
Drawings 10,000
Computer Equipment 20,000
Inventories 30,000
Sales 180,000
Telephone and Power 8,000
Wages and Salaries 40,000

The following has not yet been recorded

  • The owner contributed a computer printer worth $800
  • The owner took $5,000 cash to pay for a holiday
  • The owner took goods worth $600 for personal use.
  • The Advertising includes $50 paid for an advertisement for the sale of the owner’s private
  • Land & Buildings has been revalued at $150,000


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