Complete the table below by indicating for each account if the balance will be debit or credit and if it is classified as a non-current or current asset, non-current or current liability You are required to redraft the table in your assignment. (14) Name of account Dr/Cr Balance Non-current asset Current asset Non-current liability Current liability Income Expense Proprietary accounts E.g. Land & Buildings Debit X Advertising Creditors control Interest on saving account Capital Furniture Cash float Mortgage loan

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is