Double entry bookkeeping states that for every debit entry there should be pass a credit entry. Every transaction has twofold effect; this concept has a result of Accounting Equation or Balance Sheet Equation or Fundamental Equation.
Description about accruals and cash basis accounting at a glance, the implication of accrual basis accounting on financial statement misrepresentation, despite its common usage, and how to detect this.
Learn what is the accounting equation illustrated with examples. In this presentation, you will understand what the accounting equation is and the intuition behind.
Description about accruals and cash basis accounting at a glance, the implication of accrual basis accounting on financial statement misrepresentation, despite its common usage, and how to detect this.
Learn what is the accounting equation illustrated with examples. In this presentation, you will understand what the accounting equation is and the intuition behind.
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Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
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1. Accounting Equation
For Solution click www.accountancyknowledge.com/accounting-equation/ 13 Accounting Equation
4
ACCOUNTING EQUATION
Double entry bookkeeping states that for every debit entry there should be pass a credit entry. Every transaction has
twofold effect; this concept has a result of Accounting Equation or Balance Sheet Equation or Fundamental Equation
Resources = Source
Or
Assets = Equities / Claims (Claims may be internal or external)
Or
Asset = Liabilities + Owner Equity
Or
Left hand side = Right hand side
= +
At any point of time total assets must be equal to total equities. In other words we can say that left hand side which is
resource side must be equal to right hand side which is of course source side
4.1 Four Effects
Assets
Liabilities Owner Equity
Which of the following is correct form of Equation?
Assets = Liabilities + Owner’s Equity
Assets - Liabilities = Owner’s Equity
Liabilities = Assets - Owner’s Equity
Asset - Liabilities - Owner’s Equity = 0
Assets Equities
(1)
(2)
(3)
(1)
(2)
(4)
2. Accounting Equation
For Solution click www.accountancyknowledge.com/accounting-equation/ 14 Accounting Equation
4
Example # 4.1: For each of the following transactions indicate the effects on the Accounting Equation of the Company
i.e. (Increase, Decrease, Conversion or No Effect)?
(1) The owner invests personal cash in the company?
Assets Liabilities Owner's Equity
Nil
(2) The owner withdraws company’s assets for personal use?
Assets Liabilities Owner's Equity
(3) The company purchases equipment with its cash?
Assets Liabilities Owner's Equity
(4) The company repays the bank loan by introducing reinvestment of owner in the company?
Assets Liabilities Owner's Equity
Example # 4.2: From the list of accounts below, determine which assets are and which equities are. List the assets under
the Asset Column and the equities under the equities Column. Then add each column and complete the Fundamental
Accounting Equation?
Accounts Asset Equities
Cash Rs.5,000 Rs. 5,000
Accounts Receivable 10, 600
Building 35,000
Accounts Payable 5,000
Inventory 200
Computer Equipment 18,000
Bank Loan 6,000
Mortgage Payable 10,000
Owner Equity 47,800
TOTAL Rs. 137,600
3. Accounting Equation
For Solution click www.accountancyknowledge.com/accounting-equation/ 15 Accounting Equation
4
Example # 4.3: For each of the following equations, a figure is missing. In the space provided, please supply the missing
figure that will balance the equation.
Assets Liabilities Owner's Equity
100 20.00 80
720 70
2,000 1,600
11,218 10,000
25 985
340 328
8793 0
1,501 499
Example # 4.4: Prepare Accounting Equation on the basis of following transactions?
1. Arush Khan and Company started business with cash Rs. 100,000
2. She purchased Furniture for cash Rs. 2,000
3. Purchases Machinery on credit from Umer Abbasi Rs.10,000
4. Cash withdraw by owner Rs. 20,000
5. Cash Sales of Rs. 6,000
6. Credit sales to Ayesha Iqbal Rs.2,000
7. Paid rent Rs. 2,500 and wages Rs. 1,500
S. No
Assets Equities
Cash Furniture Machinery A/C Receivables A/C Payable O.E
1 100,000 100,000
Bal 100,000 100,000
2
Bal
3
Bal
4
Bal 78,000 2,000 10,000 10,000 80,000
5
Bal
6
Bal
7
Bal 80,000 2,000 10,000 2,000 10,000 84,000
Total Rs. 94,000 Rs. 94,000
4. Accounting Equation
For Solution click www.accountancyknowledge.com/accounting-equation/ 16 Accounting Equation
4
Example # 4.5: On 1st
January, 2016 the balances of Muhammad Danish & Bros. are as follows?
Assets Equities
Cash …………………………. 25,000 Creditor ……………… 40,000
Debtor ……………………….. 17,000 Capital ……………....... 94,000
Inventory…..………………… 22,000
Building ………………………70,000
Total Rs. 134,000 Rs. 134,000
Transaction during the January was
January
1) Purchase inventory for cash Rs. 3,600
5) Sold inventory for cash Rs. 12,000 costing Rs. 10,500
7) Cash paid to creditor Rs. 25,000
9) Sold inventory for cash Rs. 5,000 and on credit Rs. 3,000 costing Rs. 6,000
11) Inventory returned by a cash customer Rs. 2,000 costing Rs. 1,900
15) Cash received from debtors Rs. 14,000
18) Cash paid for furniture purchased for owner domestic use Rs. 1,000
20) Paid salaries Rs. 1,400
Requirement: Show the effects of above transaction on the accounting equation:
Practice MCQs
www.accountancyknowledge.com/accounting-equation-mcqs/
Practice Problems with Solutions
www.accountancyknowledge.com/accounting-equation-problems-and-solutions/
S. No
Assets Equities
Cash Debtor Inventory Building Creditor Capital
Bal 25,000 17,000 22,000 70,000 40,000 94,000
1
Bal
5
Bal 33,400 17,000 15,100 70,000 40,000 95,500
7
Bal
9
Bal
11
Bal 11,400 20,000 11,000 70,000 15,000 97,400
15
Bal
18
Bal 24,400 6,000 11,000 70,000 15,000 96,400
20
Bal
Total Rs. 110,000 Rs. 110,000
