1. Which of the income and expenses are personal or business-related?
2. Is there a need to separate personal and business-related expenses? Why?
3. How do you separate your personal and business-related money?
4. What is income? – Money earned from the business
5. What are expenses? – Money spent in the business.

From the case study, fill up the cash book exercise (Illustration 3 ) with assumed amounts based from the illustration.