Paper 1 May/June 2011 Accounting (9706/11) A Level
The accounting equation of a business was as shown.
The assets included a bank balance of $1000.
The following transactions occurred.
1 The owner took drawings of $2000 by cheque.
2 Goods for resale were purchased on credit; list price was $4000 less 25% trade discount.
What was the accounting equation after these transactions?