Question

1. Prepare accounting equations on the basis of the following:
(1) Sawinder Singh started business with cash 2,50,000.
(ii) Borrowed cash 40,000 from bank.
(ii) Telephone bills paid in cash 3,000.
(iv) Saleem paid school fees of his son from the business 15,000.
(v) Repaid bank loan 30,000.
(vi) Purchased goods for cash 22,000.
vii) Repaid the balance of bank loan by borrowing equal amount from Jodhan.
(viii) Provide interest on capital 5,000.​

Answer 1

Answer:

I hope, you will understand

Dr. Cr

(1)sawinder a/c. 250000

to cash a/c. 250000

(2) telephone bill pay a/c 3000

to cash a/c. 3000

(3)saleem's son school fees paid a/c. 15000

to cash a/c. 150

(4) bank loan paid a/c. 30000

to cash a/c. 30000

(5) goods purchased a/c. 22000

to cash. 22000