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Identity and Belonging

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Identity and Belonging

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  • August 2013
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Exercise 2.1Assets, liabilities and owner’s equity
Item| Classification|
a Stock of supplies| |
b Mortgage| |
c Cash at bank| |
d Debtors Control| |
e Loan| |
f Creditors Control| |
g Equipment| |
h Bank (overdraft)| |
i Vehicle| |
j Capital| |

Exercise 2.2Accounting equation
a
Calculation| |
Owner’s Equity| $ |

b
Calculation| |
Owner’s Equity| $ |

c
Calculation| |
Owner’s Equity| $ |

d
Calculation| |
Owner’s Equity| $ |

Exercise 2.3 Accounting equation
a
Calculation| |
Assets| $ |

b
Calculation| |
Assets| $ |

Exercise 2.4Classification

Current Assets| Non-Current Assets| Current Liabilities| Non-Current Liabilities| | | | |

Note: Capital is an owner’s equity item and is therefore not included in this table.

Exercise 2.5 Accounting equation
Current Assets| Non-Current Assets| Current Liabilities| Non-Current Liabilities| Owner’s Equity| 14 200| 10 400| | 6 400| 10 300|
| 15 800| 400| 2 000| 17 800|
12 000| 18 000| 600| 1 600| |
41 300| 25 200| 19 900| | 29 600|

Exercise 2.6Classified Balance Sheet
Additional Question
Referring to one Accounting Principle, explain why the shop fittings must be valued at $22 000. Accounting Principle| |
Explanation| |

a
Referring to one Qualitative Characteristic, explain why the shop fittings must be valued at $22 000

Qualitative characteristic| |
Explanation| |

b
Calculation| | | |
| | | |
| | | |
| | Owner’s Equity| $|

cPARIS FOR HAIR
Balance Sheet as at 31 May 2016
| $| $| | $| $|
Current Assets| | | Current Liabilities| | |
| | | | | |
| | | | | |
| | | | | |
Non-Current Assets| | | | | |
| | | Non-Current Liabilities| | |...