Question

I have a question on my Accounting Assignment

ACCOUNTING EQUATION

Lamo is a stationery company. On 1 March 2021 the accounting equation for the company was as follows
Assets= 70 000, owner s equity=50 000,+ liabilities= 20000
Lamo entered into the following transactions during March 2021 ignore the value added tax(VAT)

1. The owner of the business increased his capital contribution by depositing 30 000 cash directly into the current bank account.
2.Lamo purchased a delivery vehicle on credit amount of 170 000 from PG MOTORS.
3.Lamo Purchased equipment on credit for 15 000
4.Repaid a 25000 long term loan that was recieved from money bank.
5.Lamo took 3500 for personal use.
6.Lamo return the equipments that was purchased on the 8th of march 2019 due to damages.
7.Paid salaries and wages for 11500
8.Lamo recieved rent income of 3 000 during the month.
9.Lamo sold trading stock on credit for 5000.The stock was originally bought for R3500
10.Lamo borrowed R 10 000 short term loan from Money Bank

Required
Calculate Lamo `s equity in the business on 31 march 2021,by showing each individual transaction on the ACCOUNTING EQUATION.

Answer 1

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Answer 2

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Explanation:

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