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Q1)
State whether the following are Business
Assets
or
Liabilities
(Enter A or L in response)
a) A Shop owned by the business
b) Fixtures and Fittings
c) Computers
d) A loan from the bank
e) A loan from the business to a customer
f) An Account Payable
g) An Account Receivable
h) Inventory
i) Business Capital
j) Machinery
k) Vehicles
l) Bank Overdraft
m) Premises
n) Cash
o) Debtors
p) Creditors
Q2)
Using the accounting equation, fill in the missing numbers:
1) Assets
2) Liabilities
3) Capital
a)
12500
1800
b)
28000
4900
c)
16800
12500
d)
19600
16450
e)
6300
19200
f)
11650
39750
Q3)
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:
Type (a/l)
Effect (u/d)
Capital
Cash
2) £15,000 of the cash is placed in a Bank account
Cash
Bank
3) £2000 worth of Fixtures are bought on credit from "Office World"
("Fixtures" means shelves/desks/chairs etc needed in the shop.)
Fixtures
Office World
4) Part Re-payment to "Office World, £1000 cash.
Cash
Office World
5) Bought goods on credit from Abe Books
Inventory
Abe Books
6) Bought a delivery van for £3000 paying by cheque
Van
Bank
7) The owner pays Abe Books £200 using his own money
Capital
Abe Books
8) The owner takes £50 from the business bank account for his own use.
Capital
Bank
9) We returned some faulty fixtures (bought on credit) to "Office World".
Fixtures
Office World
10) A customer buys books on credit.
Acc Receivable
Inventory
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