Complete the table by writing a definition of each of the following
accounting terms.
Accounting term
Definition
Assets
Liabilities
Capital
Complete the following table by inserting the missing figures.
Assets
$
Liabilities
$
Capital
$
175 300
85 400
……….
125 630
………..
72 100
………..
18 390
97 000
234 500
125 910
………..
Complete the table by placing a tick (✓) in the correct column to indicate
whether each item is an asset or a liability.
Asset
Land
Loan from Fastloans
Inventory
Trade payables
Motor car
Bank overdraft
Loan to employee
Trade receivables
Liability
State the effect the following transactions would have on the items in
Virgo’s statement of financial position.
Transaction
Received cash $1000 from
a trade receivable
Purchased goods for resale,
$3000, by cheque
Effect on assets
Effect on liabilities