Question

1 Show the accounting equations on the basis of the following transactions and

prepare the balance sheet at last.

(a) Shree Ganesh commenced business with cash ₹35,000, Goods ₹ 8000,

Furniture ₹ 7000.

(b) Bought furniture from M/s Mohan furniture on credit for ₹ 3000.

(c) Purchase goods from Sohan for cash ₹ 35,000.

(d) Sold goods to shyam for cash ₹ 40,000 (costing 30,000).

(e) Bought goods from Ramesh for ₹ 30,000.

(f) Sold goods to shyam costing ₹ 30,000 for ₹ 50,000.

(g) Received ₹ 49,500 from shyam in full settlement.

(h) Paid ₹ 29,700 to Ramesh in full settlement.

(i) Paid half the amount of owed to M/s Mohan.

(j) Withdrew ₹ 1000 from personal use.
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Answer 1

Answer:

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