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S4 BAFS Chapter 2 (The double entry) Worksheet – Question 1 1. The owner introduced capital H Chan started a business with $8,000 cash and a bank deposit of $5,000. 2. Bought an asset by cash The firm bought furniture for $4,000 by cash. 3. Withdrawal of money from bank The firm withdraw $2,000 cash from its bank account. 4. Borrowed money from bank The firm borrowed $20,000 from a bank. 5. Loan repayment to bank The firm repaid $5,000 of bank loan. Effects of transactions on the accounting equation Assets = Liabilities = + Capital + Question 2 1. The owner, Jack, invested $200,000 cash to set up a business on 1 May 20X6. 2. On 2 May 20X6, Jack provided a motor van, which cost $80,000, to the business. 3. On 4 May 20X6, Jack Company purchased office equipment using $25,000 cash. 4. On 10 May 20X6, Jack Company borrowed a bank loan of $15,000. 5. On 15 May 20X6, Jack Company sold a piece of office equipment for $10,000 to Cindy Company on credit. 6. On 20 May 20X6, Jack Company purchased furniture for $8,000 from Lindy Company on credit. 7. On 29 May 20X6, the business received an interest of $2,000 from its bank deposit. 8. On 29 May 20X6, Jack Company paid a rental expense of $7,000 by cheque. Effects of transactions on the accounting equation Assets = = Liabilities + + Capital + (Revenue + ( - Expenses) - ) Question 3 1. 2. 3. 4. 5. 6. 7. 8. H Chan started a business with $5,000 cash and a bank deposit of $8,000. The firm bought furniture for $4,000 by cheque. The firm bought a machine for $2,000 from J Wu on credit. The firm paid its creditor, J Wu, $1,000 in cash. The firm borrowed $20,000 from a bank. The firm sold a piece of furniture to D Wai at its original cost of $100. The firm paid an electricity charges of $3,000 in cash. The firm received rental of $10,000 by cheque. Effects of transactions on the accounting equation Assets = = Liabilities + + Capital + (Revenue + ( - Expenses) - )