Formula Centre

Formula guides and key subject rules for every grade and subject, with worked examples and practice.

Grade 10 Accounting essentials

Accounting • Essential reference • Grade 10

Assets = Owner’s equity + Liabilities
AssetsResources owned (R)
LiabilitiesAmounts owed (R)

When to use it

Use to check the accounting equation after transactions.

Worked example

If equity is R8 000 and liabilities R2 000, assets are R10 000.

Common mistakes

  • Recording a transaction on only one side.

Practice question

Calculate assets when equity is R12 000 and liabilities R3 500.

Grade 11 Accounting essentials

Accounting • Essential reference • Grade 11

Assets = Owner’s equity + Liabilities
AssetsResources owned (R)
LiabilitiesAmounts owed (R)

When to use it

Use to check the accounting equation after transactions.

Worked example

If equity is R8 000 and liabilities R2 000, assets are R10 000.

Common mistakes

  • Recording a transaction on only one side.

Practice question

Calculate assets when equity is R12 000 and liabilities R3 500.

Grade 12 Accounting essentials

Accounting • Essential reference • Grade 12

Assets = Owner’s equity + Liabilities
AssetsResources owned (R)
LiabilitiesAmounts owed (R)

When to use it

Use to check the accounting equation after transactions.

Worked example

If equity is R8 000 and liabilities R2 000, assets are R10 000.

Common mistakes

  • Recording a transaction on only one side.

Practice question

Calculate assets when equity is R12 000 and liabilities R3 500.