Question

1. Prepare accounting equation for the following transactions.

(a) Veena started business with cash Rs. 20000 ,Bank balance Rs.50000, Stock worth

Rs.15000

(b) Sold goods to Ravi on credit costing Rs. 7000 for Rs. 10000

(c) Received from Ravi Rs.9000 in full settlement

(d) Purchased goods from Mahesh and paid through credit card Rs.25000

(e) Rent paid Rs. 1000​

Answer 1

Answer:

b)

Dr. Cr.

sale a/c Dr. 10000

To Ravi a/c 10000

( Being goods Seles in credit)

c)

Ravi a/c Dr. 9000

To Cash. 9000

( Bing cash received)

d)

Purchase a/c Dr. 25000

To. cash a/c. 25000

(purchase cash to credit card)

e)

Rent a/c Dr. 1000

To cash a/c. 1000

( rent paid in cash)