Question

Method:
Find out 10 important monetary transaction of your home budget. (For example,
buying, investing, expenditures, saving and some loss, if any)
Categorized all of them in to 4 senses
Income and Gain
Liability
Expenses and Losses
Assets
• Draw an Accounting Equation Chart:
Liabilities + Capital = Assets
Show the closing balances by taking last equation figures:
Liabilities
Amount Assets
Amount
Note:
1. Show all working notes and important clarifications separately in the assignment.
2. Assume the amount of monthly salary /business profit received as the base and
adjust the transactions accordingly.​

Answer 1

Answer:

Method:

Find out 10 important monetary transaction of your home budget. (For example,

buying, investing, expenditures, saving and some loss, if any)

Categorized all of them in to 4 senses

Income and Gain

Liability

Expenses and Losses

Assets

• Draw an Accounting Equation Chart:

Liabilities + Capital = Assets

Show the closing balances by taking last equation figures:

Liabilities

Amount Assets

Amount

Note:

1. Show all working notes and important clarifications separately in the assignment.

2. Assume the amount of monthly salary /business profit received as the base and

adjust the transactions accordingly.