1) Eat up all the ASSETS!  a) Inventory b) Trade Payables c) Trade Receivables d) Rent income receivable e) Bank Loan f) Capital 2) Eat up all the LIABILITIES! a) Trade payables b) Bank Loan c) Stationery expense d) Rental e) Drawings f) Commission income received in advance 3) Eat up all the EQUITY! a) Loss for the year b) Capital c) Drawings d) Inventory e) Retained earnings f) Owner 4) Eat up all the INCOME! a) Rent received b) Commission expense c) Salaries and wages d) Service fee revenue e) Cost of sales f) Interest income

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