1. Prepare an Accounting Equation for the following transactions: a. Casper started a business with Cash, Rs. 50,000; Goods Rs. 20,000; Vehicle, Rs. 1,00,000. b.He took a loan of Rs. 5,00,000. c.He purchased goods worth Rs. 50,000. d.Out of the goods purchased, one-fifth were sold at a profit of 20%. Half the amount was received in cash and half was receivable. e.Rent and salaries of Rs. 20,000 and 40,000 respectively were paid. f.Interest on loan at 10% p.a. was paid. g.Insurance premium of Rs 10,000 was paid. Half of it pertained to this accounting year and the other half was for next year.aaa h.Commission received Rs. 5,000. i.Out of the amount receivable in transaction (d), Rs. 5,000 was received in full settlement.j.Vehicle was depreciated at 20%.
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Answer:
a. Assets. capital and liabilities
Cash:50,000. capital:1,70,000
Stock:20,000
Vehicle:1,00,000
Total:1,70,000. Total:1,70,000
b. Assets. capital and liabilities
Cash:5,50,000. capital:1,70,000
Stock:20,000. Creditors:5,00,000
Vehicle:1,00,000
Total:6,70,000. Total6,70,000
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