Question

1.Fire insurance premium paid in advance rupees 500 in accounting equations.
2. Depreciate furniture costing rupees 1500 at 20% for three months in accounting equation.

Answer 1

Answer:

TRANSACTIONS                     ASSETS        =       LAIBILITIES        +     CAPITAL

Fire insurance premium           500             =            0                     +      500

Depreciation on furniture        -300            =             0                    +       -300

                                                200             =            0                  +      200

Explanation:

Answer 2

Explanation:

1.Fire insurance premium paid in advance rupees 500 in accounting equations.