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Understanding Double Entry Accounting: Assets, Liabilities, and Capital Explained

Explore the fundamentals of double entry accounting in this guide. Learn the definitions and roles of assets, liabilities, and capital in financial statements. This resource covers essential bookkeeping rules, provides practical exercises, and presents solutions for better comprehension. Key assets such as land, buildings, and machinery are detailed, along with liabilities like loans and amounts owed. Perfect for accounting students or anyone interested in mastering these concepts. Visit http://www.cpa-union.com for more information.

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Understanding Double Entry Accounting: Assets, Liabilities, and Capital Explained

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  1. Double Entry Rules • What are assets,capital,liabilities? • Debit or Credit! • Exercises • Answers • http://www.cpa-union.com • by Cheng Mei Ying (4A) 下一頁

  2. Assets, liabilities and capital : Assets : Land(土地), Buildings/Premises(房屋), Fixtures and Fittings(裝修與裝置), Furniture(傢俱), Machinery(機器), Office Equipment,(辦公室設備), Motor Van/ Motor Lorry(貨車), Motor Vehicles(機動車輛). 下一頁

  3. Liabilities:Money owing to suppliersMoney owing for expensesLoans received by the firm,etc.(欠別人的錢) Capital:Owner’s equity(老板的產權) 下一頁

  4. Double Entry Rules 下一頁

  5. Exercises: • (a) Bought office machinery on credit from K.Chan Ltd. • (b)The proprietor paid a creditor,M.Fan,from his private monies outside the firm. • (c) A debtor, F.Hang, paid us in cash. • (d)Repaid part of loan from L.Hoi by cheque. • (e)Returned some of office machinery to K.Chan Ltd. • (f)A debtor, W.Kin, paid us by cheque . • (g)Bought a motor van by cash. 下一頁

  6. Answers: 下一頁

  7. PA Internet Addresses (網址) • http://www.cpa-union.com// http://www.cpa-union.com//

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