Question

1. Prepare Accounting Equation from the following:
(a) Started business with cash 1,00,000.
(b) Purchase goods for cash 20,000 and on credit 30,000.
(c) Sold goods for cash costing 10,000 and on credit costing? 15,000 both at a profit of 20%.
(d) Paid salaries 8.000.​

Answer 1

Answer:

(a) cash a/c Dr                        100000

      to capital a/c                                           100000

(b)purchase a/c Dr                  20000

      to cash a/c                                             20000

 

(b) purchase a/c Dr                    30000

          to m a/c                                                  30000

 

(d)salaries a/c Dr                      8000

              to cash a/c                                         8000