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  • MRK - Fall 2023 - MGT101 - 1 - BC180402736

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    muhammad ibrahim
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    Khan's business uses the accounting equation to track its finances over July. The accounting equation states that assets must equal the sum of owner's equity and liabilities. The document shows Khan's balances for cash, accounts receivable, inventory, furniture, capital, profit/loss, accounts payable, and bank loans on various dates in July as the business has cash inflows and outflows that change its balances. By the end of July, the total assets equal the total of owner's equity and liabilities, fulfilling the accounting equation.

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    Khan's business uses the accounting equation to track its finances over July. The accounting equation states that assets must equal the sum of owner's equity and liabilities. The document shows Khan's balances for cash, accounts receivable, inventory, furniture, capital, profit/loss, accounts payable, and bank loans on various dates in July as the business has cash inflows and outflows that change its balances. By the end of July, the total assets equal the total of owner's equity and liabilities, fulfilling the accounting equation.

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    © All Rights Reserved
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    2 views3 pages

    MRK - Fall 2023 - MGT101 - 1 - BC180402736

    Uploaded by

    muhammad ibrahim
    Khan's business uses the accounting equation to track its finances over July. The accounting equation states that assets must equal the sum of owner's equity and liabilities. The document shows Khan's balances for cash, accounts receivable, inventory, furniture, capital, profit/loss, accounts payable, and bank loans on various dates in July as the business has cash inflows and outflows that change its balances. By the end of July, the total assets equal the total of owner's equity and liabilities, fulfilling the accounting equation.

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    © All Rights Reserved
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    for comparison
    VIRTUAL UNIVERSITY OF PAKISTAN
    BC180402736
    HAFIZA TEHREEM FATIMA
    ASSIGNMENT 01
    MGT 101
    Khan’s Business

    Accounting Equation

    Assets = Owner’s Equity Liabilities

    Date Cash A/R Inventory Furniture = Khan’s Capital Profit/ (Loss) A/P B/P

    2023
    Balance 100,000 200,000 400,000 800,000 = 1300,000 _ 150,000 50,000
    b/d
    July 02 -9000 _ +9000 _ _ _ _ _

    July 04 _ 25000 -20,000 _ _ 5000 _ _

    July 08 +30000 _ -50,000 _ _ -20000 _ _

    July 12 _ _ +10,000 _ _ _ 10,000 _

    July 20 _ +200,00 -200,000 _ _ _ _ _


    0
    July 25 -25000 _ _ 70,000 _ _ _ +45000

    July 28 +190,000 -200,000 _ _ _ -10,000 _ _

    _
    July 30 -150,000 _ _ _ -150,000 _ _

    95000
    Total 136,000 225,000 149,000 870,000 = 1150,000 -25,000 160,000

    1380,0000 = 1380,000

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