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Extra resources for CIMA Official Learning System Fundamentals of Financial Accounting, Sixth Edition
Opening capital plus proﬁt less drawings less liabilities equals assets. 4 An increase in inventories of $250, a decrease in the bank balance of $400 and an increase in payables of $1,200 results in: (A) (B) (C) (D) a decrease in working capital of $1,350. an increase in working capital of $1,350. a decrease in working capital of $1,050. an increase in working capital of $1,050. 5 A sole trader had opening capital of $10,000 and closing capital of $4,500. During the period, the owner introduced capital of $4,000 and withdrew $8,000 for her own use.
1 Explain what is meant by the term ‘double-entry bookkeeping’. Solution Double-entry bookkeeping is a system of keeping records of transactions in ledger accounts such that every transaction requires debit and credit entries of equal value. For example, there might be a debit entry of $100 equalled by two credit entries of $90 and $10, respectively. The result of this method is that the total of debit balances on ledger accounts equals the total of credit balances. FUNDAMENTALS OF FINANCIAL ACCOUNTING ● ● ● ● ● assets liabilities capital revenues expenses.
The answer is that when a business commences, it is common for the owners to ‘invest’ some of their private resources in the business. As the business operates it generates its own resources in the form of proﬁts, which technically belong to the owner. Some of the proﬁts may remain in the business, while some may be withdrawn by the owner in the form of goods or cash. This withdrawal of proﬁts in simple organisation structures such as sole traders is known as ‘drawings’. The equation that states that Assets ϭ Liabilities ϩ Capital can thus be seen to demonstrate the relationships that exist within any business.