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Part 1
(a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping.
(b) How does profit fit into the accounting equation?
(c) What is the purpose of double entry bookkeeping?
Part 2
Alex Bisset started in business on 1 July 2011. His trial balance as at 30 June 2012 was as follows:
Alex Bisset trial balance as at 30 June 2012
DR CR
£ £
Opening capital 10,000
Capital contributed during the year 6,000
Drawings 3,000
Bank loan 5,000
Non-current assets 20,000
Receivables control 7,250
Cash 4,500
Payables control 6,750
Sales 50,000
Purchases 35,000
Other expenses 8,000
77,750 77,750
Calculate profit earned during the period using both the balance sheet approach and the income statement approach to income determination.
GILCO rents DVDs and DVD players (players) on a short term basis to airline passengers through GILCO locations at every large commercial airport throughout the world. A passenger
They are likely to tests for tact, diplomacy, and with descriptive skills.
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Note: All illegible answers will be marked incorrect, so please write legibly. If you type and submit the print out of your homework (not email), you will receive 5 points extra cr
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Q. Can you explain about Liabilities? Liabilities -- amounts owed by a company to others. Current liabilities are those amounts duewithin one year or less and generally include
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