Question

1. Show the accounting equation on the basis of the following transactions and also show the
Balance Sheet:
Started business with Cash Rs.60,000 and Goods Rs.30,000.
(i) Purchased goods for Cash Rs. 40,000 and on Credit Rs. 25,000
(ii) Goods costing Rs 48,000 sold at a profit of 331,%. Three-fourth payment received in
Cash (iv) Goods costing Rs.20,000 sold at a loss of 5%, out of which Rs. 12,000 received in
Cash. (v) Paid Rent Rs.4,000 and Salary Rs.6,000.
(vi) Received Cash from Debtors Rs. 15,000.
(vii) Paid telephone bill amounting to Rs.800
My

Answer 1

Answer:

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Explanation:

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