Question&Answer corner(discussion corner stricly for Questions only)

Juz corner for questions&answers discussion....strictly no SPAMMING pls.....Juz T3 only....ty

Hey, regarding the review exercise No.1, Q3. How do we explain which rule determined that the assets & liabilities must always be equal? Thanks

Some of them said that the answer is the duality concept....but some others said that it is an accounting equation..don't know which one is correct?!

That's what i've prob with too! How ar?

Yeah...i also don't know...anyone know the correct answer????? Please help...

dunno but i think itz duality concept coz say
eg.if owner take loan from bank $1000.....Asset increase by $1000(cash/bank)&liability(loan) also increase $1000....that means asset=liability......based on double entry
but if use accounting equation assets=capital+liabilities hw can v explain the concept?assets=liabilities?...where capital gonna come from??? i dunno hw to explain from accounting equation...but it do make sense also...T1 text i think its inside there sum where but forgot which page....i read it b4..maybe tmr we will noe the answer...

I agree wif wat Brainless...said...his example make sense maybe one ppl shud display for the accounting equation&explain.then v can get wat itz all about

I wrote that too. I saw somewhere, says that, fundamental rule of accounting is the double entry bookkeeping wor... should be the duality concept lar...

Hopefully my Question 3 wont have lots of red marks.....&hopefully itz duality concept....but not from general equation assets=capital+liabilities....can anyone explain hw the general equation can form the answer,perhaps WL shud explain

Yeah...i don't know whether it is correct...i just saw one of the sources that it states it is an accounting equation..

You see
Assets = Liabilities + Capital

When capital is zero, so assets may be equal to liabilities...(this is my explanation)

And I just sure for myself that there is a sentence that say accounting equation is the answer..But, if the answer is wrong, so don't scold me.....

lol...hw u make capital zero?give one example pls...got wat condition in which capital=0???
capital zero that means u assume owner of business no money to put in business?so owner gotta take loan from bank...then increase asset&increase liability...but capital then hw?pakar2 pls help....Mana those outstanding ppl like Jessica, Jen Ai, Kelly Ho, Nick, etc...Pls come help...

2Days exercise....Hw to do?WL asked.....izzit like this.....In fact i also wan to ask
eg question 1 a) Dr T More, Cr t Mone, below write narration Sale of goods posted wrongly to T Mone's account instead of T.More's account.izzit like this?
the following questions WL+me would like to ask...1f,2b,2d,2e...
The following r my answers...pls correct my mistake that ive made ty...
question 1f) Dr cashbook $136,Cr T.Blair $136....
2b) I dunno wanna write wat,izzit Dr cashcolumn, Cr bank column???
d)Cr L Hand $72, Dr payables $72
e)Cr cashbook $124, Dr G.Boyd $124
Pls help us on the questions....Thx a lot....
-WL+Brainless

so how? please....

No instant reply geh from ppl....Maybe this forum is for ppl who wan to reach 2 of us nia WL....They seldom login forum....haiz...Hopefully sumone pls reply...desperate liao la..
=.="

1f) is correct i think...
2b) oso correct...
2d) mine is Dr L hand, Cr Purchases
2e) should be 128$ right? oO?

I can't cant double check my answers since i did the questions on the spot without copying down the questions.... xD got any wrong please correct me...

lol thx 2e) shud be $128 HAHA i math lapsap....=.=, for 2d) I disagree since
purchase from supplier shud be credit supplier(since goods out) that means cr L.Hand additional $72...then dr purchases $72 i think....but dunno why i put payables pulak yesterday....niway thx for ur response.Y.H.