Gm Q.2(a) Transactions given below relate to the business of Majeed. For each of the transactions, you are required to indicate the effects on the elements of Accounting Equation using (+) for increase and (-) for decrease, (o) for no change: sold land for cash at a price in excess of cost. Borrowed money from a bank. (iii) Returned some of the equipment previously purchased on credit. (iv) Received commission in cash for services rendered. (6) For each of the following, determine underline missing items: The Liabilities of a business having assets of Rs. 900,000 and capital of Rs. 480,000. (ii) The Capital of a business having Assets of Rs. 1,220,000 and Liabilities of Rs. 420,000. (iii) The Expenses of a business having Revenues of Rs. 440,000 and Net Income of Rs. 160,000. (iv) The Revenues of a business having Expenses of Rs. 760,000 and Net Loss of Rs. 130,000.
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The company purchased a secondhand van to be used to travel to customers. The sellers told you they believe it is worth $12,500 but agreed to sell it to your company for $11,000. You believe the company got a really good deal because the van has a $13,000 Blue Book value.
Your company purchased its office buil
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