I need an explanation for this Accounting question to help me study.
Following are the accounting transactions relating to Mr. P’s business. Use the accounting equation to show their effect on his assets, liabilities and capital.
- Commenced business with a Capital of 50,000
- Bought Machinery for cash 10,000
- Purchased goods for cash 15,000
- Purchased goods from A on credit 5,000
- Sold goods for cash 10,000
- Paid to A 2,000
- Sold goods to B on credit 3,000
- Paid into Bank 6,000
- Paid to A by cheque 1,000
- Received from B a cheque for 2,000
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