Question

10. Prove that the Accounting Equation is satisfied in all the following transactions of Suresh.
Also prepare a Balance Sheet.
(i) Commenced business with cash * 60,000.
(ii) Paid rent in advance 500.
(iii) Purchased goods for cash * 30,000 and credit * 20,000.
(iv) Sold goods for cash 30,000 costing 20,000.
(u) Paid salary 500 and salary outstanding being * 100.
(vi) Bought motorcycle for personal use * 5,000.



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Answer 1

Answer:

1) Cash account ...Dr 60000

To capital. 60000

2) Rent account .....Dr 500

To prepiad. 500

3) Purchase account .....Dr 20000

Discount account .....Dr 10000

To cash. 30000

4) cash account ...Dr. 30000

to sale. 30000

5) salary account ....Dr 500

outstanding. ....Dr 100

to cash 600

5) Drawing account....Dr 5000

to motorcycle. 5000

Answer 2

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Explanation:

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