Equation Accounting Assingment Help With Solution

Posted on March 31, 2017

Equation Accounting Assingment Help With Solution

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

BankAccounts ReceivableVehiclesEquipment
ExpensesDrawingsAccounts PayableLoan
CapitalFees  
May1Willy Whizz commenced business as a builder. He opened a bank account for the business with his cash26,000
2Paid one month’s rent for the workshop250
3Purchased a truck from Used Trucks Ltd8,000
4Paid Used Trucks Ltd on account4,000
5Obtained a loan for the business from T Drage10,000
7Paid Used Trucks Ltd the balance owing4,000
8Purchased equipment on credit from Mountain Equipment Supplies Ltd1,500
9Paid rates on private residence600
10Paid Tokaanu garage for petrol50
11Purchased hardware (expenses) from Tongariro Hardware on credit350
12Invoiced T Roberts paid account in full6,500
17T Roberts paid account in full 
19Paid Ruaoehu Press for advertising150
30Will draw a cheque for living expenses350

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Income Statement, Balance Sheet And Statement Of Changes In Equity

  
 $
Accounts Payable16,000
Accounts Receivable30,000
Advertising6,000
Bank40,000
Land & Buildings50,000
Capital (1/4/20X4)98,000
Cost of Sales60,000
Drawings10,000
Computer Equipment20,000
Inventories30,000
Sales180,000
Telephone and Power8,000
Wages and Salaries40,000
  
  
  
  
  

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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