10. Prepare Accounting Equation on the basis of the following
a) Started business with cash Rs 1,00,000
b) Bought from Kiran Rs 40,000
c) Sold to Mahesh Rs 30,000
d) Withdrawn cash for personal use Rs2,000
e) Cash received from Mahesh Rs 15,000
f) Cash paid to Kiran Rs 20,000
Answers
Answer:
+1,00,000 +40,000 -30,000 -2,000 +15,000 -20,000
Capital. Loan. Mahesh. Expenses. Receipt. Payment
(Unsecured. SUNDRY. INDIRECT. CASHBOOK
LOAN from KIRAN). DEBTOR. EXPENSES. RECEIPT. PAYMENT
Assets = liabilities + capital
Cash + stock = creditors + capital
100000 - - - - - = - - - - - - - + 100000
-------- + 40000 = 40000 + - - - - - - -
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
100000 + 40000 = 40000 + 100000
------------ + 30000 = - - - - - - + 30000
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
100000 + 70000 = 40000 + 130000
(2000) + - - - - - - - = - - - - - - + (2000)
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
98000 + 70000 = 40000 + 128000
----------- + 15000 = - - - - - - + 15000
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
98000 + 85000 = 40000 + 143000
(20000) + - - - - - = (20000) + - - - - -
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
78000 + 85000 = 20000 + 143000
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖
➖➖➖➖➖➖➖➖➖➖➖➖➖➖➖