Question

0.7 Complete the following Accounting equation table.
Capital
Assets (3)
Liabilities (3)
1.
50,000
+
2
P
+
Transaction
Started business with
Cash 50,000
Purchased goods of
* 10.000
Goods stolen? 1,000
Sold goods for cash
35.000
Loan taken from
Bank 7.000
+
3.
4.
+
5.​

Answer 1

Answer:

cash a/c dr

to capital a/c. 50000

purchases a/c. dr

to cash a/c. 10000

cash a/c dr

to sales a/c. 35000

cash a/c. dr (or bank loan a/c)

to bank a/c. 7000