Accounting equation can be written as:

A business can make a profit and yet have a decreased bank balance. Which of the following might cause this to happen?

A sole trader purchases goods on credit. 

Which element(s) of the accounting equation will change due to this transaction?

A sole trader borrows £10,000 from a bank.

Which element(s) of the accounting equation will change due to this transaction?

A sole trader sells goods for credit at a profit of £300.

Which element(s) of the accounting equation will change due to this transaction?

The following details are given:

PAYE payable                                                                                 £2,450

National insurance payable - employees'                      £1,350

                                                              - employer's                      £1,500

Net pay to employees                                                             £12,450

How much is the employees' gross wages?

Michael purchases goods on credit from John for £1000. £100 of these goods are defective and Michael returns them to John. What document would John issue to Michael in respect of the returned goods?

Which of the following documents are send out to credit customers to request payment?

Moana plc operates an imprest petty cash system. The imprest amount is £150. At the end of the period the totals of the expense columns in the petty cash book were as follows:

Stationery                £25

Postage                      £10

Travel                          £55

How much cash is required to restore the imprest amount?

The amount of petty cash spend for the month are as follows:

Petrol        £46

Postage    £22

How would you prepare a journal entry to reflect this transaction?

On 1.1.20X9, £1,000 given to petty cashier, he has spent £860 during the month of January. According to the imprest system, how much is to be reimbursed on 1.2.20X9?

Petty cash may be used to pay for?