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A firm has opening assets of £{a} and opening liabilities of £{b} (£{c} third party and £{d} capital). The profit is £{ee} (income £{f} and expenses £{g}). Write down the steps in the accounting equation using the template below.

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b=c

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Assets = liabiliities 

\n

£[[0]]=£[[1]]

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Assets = liabilities + capital

\n

£[[0]]=[[1]]+[[2]]

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Assets = liabilities + capital + profit

\n

£[[0]] =£ [[1]] + £[[2]] + £[[3]]

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Assets + expenses = liabilities + capital + income

\n

£[[0]] + £ [[1]] = £ [[2]] + £[[3]] +£ [[4]]

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