Asset - Liability and Capital - Paid Creditor by Cash - Accounting Assignment Help

Assignment Task :

Q-1 Identify, Asset, Liability, Capital. Show Increase or Decrease in the relevant account Head. Also show which account needs to be Debited and/or Credited.

1. Bought Motor by Cheque

2. Paid Creditor, by Cheque

3. Paid Loan by Cheque

4. Sold Motor for Cash

5. Bought Office Equipment on Credit

6. A debtor, pays by Cheque

7. Another debtor pays by cash

8. A business partner puts further amount into the business by Cheque

9. A loan is received by Cheque

10. Paid creditor by Cash

Q-2 Draw General Journal for the following transactions by David.

• Feb 01 Started business with $20,000 in the Bank
• Feb 02 Bought Office machinery by Cheque $1,200
• Feb 03 Bought Office Furniture $6,000 on Credit
• Feb 05 Bought Vehicle by Cheque for @4,800
• Feb 08 Sold some office machinery for $480
• Feb 15 Paid debt from Feb 03 by cheque $6,000
• Feb 23 Received $ 480 for Feb 08 Transaction
• Feb 29 Bought more furniture by cheque $ 2,240

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