Write up the asset and liability accounts in the books of M/Crash following transactions:a. 2002 June 1 Started business with Sh.50,000 in the bank __ 2 Bought motor van paying by cheque Sh.12.000 __ 5 Bought Fixtures Sh.4.000 on credit from Office Masters 1.td. Bought :1 van on credit from Motor Cars Lid Sh.S.000 s Took Sh.1.000 out of the bank and put it into the cash till. 12 Bought Fixtures paying by cash Sh.600 __ 15 Paid Motor Cars Lid by cheque Sh8000 10 21 A loan of Sh.10.000 cash is received from J Marcus. 25 Paid Sh.8,000 of the cash in hand into the bank account. 30 Bought more Fixtures paying by cheque Sh.3,000

To record the transactions in the asset and liability accounts of M/Crash, we need to identify the changes in assets and liabilities for each transaction.<br /><br />1. June 1: Started business with $Sh.50,000$ in the bank.<br /> - Asset (Bank): +$Sh.50,000$<br /> - Liability (Owner's Equity): +$Sh.50,000$<br /><br />2. June 2: Bought motor van paying by cheque $Sh.12,000$.<br /> - Asset (Motor Van): +$Sh.12,000$<br /> - Liability (Bank): -$Sh.12,000$<br /><br />3. June 5: Bought Fixtures $Sh.4,000$ on credit from Office Masters Ltd.<br /> - Asset (Fixtures): +$Sh.4,000$<br /> - Liability (Accounts Payable - Office Masters Ltd.): +$Sh.4,000$<br /><br />4. June 5: Bought 1 van on credit from Motor Cars Ltd $Sh.5,000$.<br /> - Asset (Van): +$Sh.5,000$<br /> - Liability (Accounts Payable - Motor Cars Ltd.): +$Sh.5,000$<br /><br />5. June 8: Took $Sh.1,000$ out of the bank and put it into the cash till.<br /> - Asset (Cash): +$Sh.1,000$<br /> - Asset (Bank): -$Sh.1,000$<br /><br />6. June 12: Bought Fixtures paying by cash $Sh.600$.<br /> - Asset (Fixtures): +$Sh.600$<br /> - Asset (Cash): -$Sh.600$<br /><br />7. June 15: Paid Motor Cars Ltd by cheque $Sh.8,000$.<br /> - Liability (Accounts Payable - Motor Cars Ltd.): -$Sh.8,000$<br /> - Asset (Bank): -$Sh.8,000$<br /><br />8. June 21: A loan of $Sh.10,000$ cash is received from J Marcus.<br /> - Asset (Cash): +$Sh.10,000$<br /> - Liability (Loan Payable - J Marcus): +$Sh.10,000$<br /><br />9. June 25: Paid $Sh.8,000$ of the cash in hand into the bank account.<br /> - Asset (Cash): -$Sh.8,000$<br /> - Asset (Bank): +$Sh.8,000$<br /><br />10. June 30: Bought more Fixtures paying by cheque $Sh.3,000$.<br /> - Asset (Fixtures): +$Sh.3,000$<br /> - Liability (Bank): -$Sh.3,000$<br /><br />These entries reflect the changes in assets and liabilities for each transaction.