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State whether the following are Business
(Enter A or L in response)
a) A Shop owned by the business
b) Fixtures and Fittings
d) A loan from the bank
e) A loan from the business to a customer
f) An Account Payable
g) An Account Receivable
i) Business Capital
l) Bank Overdraft
Using the accounting equation, fill in the missing numbers:
Below are some typical transactions with the two accounts affected.
For each account, say whether it is an asset or a liability (answer "a" or "c").
Also, say whether the value of the asset has gone up or down in value as a result
(To anwer type "u" or d".)
1) The owner starts the business with £20,000 in cash:
2) £15,000 of the cash is placed in a Bank account
3) £2000 worth of Fixtures are bought on credit from "Office World"
("Fixtures" means shelves/desks/chairs etc needed in the shop.)
4) Part Re-payment to "Office World, £1000 cash.
5) Bought goods on credit from Abe Books
6) Bought a delivery van for £3000 paying by cheque
7) The owner pays Abe Books £200 using his own money
8) The owner takes £50 from the business bank account for his own use.
9) We returned some faulty fixtures (bought on credit) to "Office World".
10) A customer buys books on credit.