1. Ullah Sadiq is wholesale trader; following transactions are record in Accounting
Equation?
i. Commence business with cash Rs. 200,000 and Land Rs. 50,000.
ii. Bought goods for cash Rs. 80,000.
iii. Cash sales of worth Rs. 25,000.
iv. Bought goods on credit from Salman of worth Rs. 50,000.
v. Sales goods to Ali Rs. 12,000.
vi. Purchase furniture of the value of Rs. 5,000 by cash.
vii. Received cash form Ali of Rs. 10,000.
viii. Return defective furniture of worth Rs. 1,500.
xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500
Answers
Explanation:
1. casha/c dr. 2,00,000
land a/c dr. 50,000
to capital a/c 2,50,000
2. purchase a/c dr. 80,000
to cash a/c 80,000
3. cash a/c dr. 25,000
to sales a/c 25,000
4. purchase a/c dr. 50,000
to salman a/c 50,000
5. ali a/c dr. 10,000
to sales a/c 10,000
6. furniture a/c dr. 5,000
to cash a/c 5,000
7. cash a/c dr. 10,000
to ali a/c 10,000
8. cash a/c dr. 1,500
to furniture a/c 1,500
9. wages a/c dr. 1,000
rent a/c dr. 2,000
electricity bills payable a/c dr. 1,500
to cah a/c 4,500