Question

13. mohan has the following transactions. Show accounting equation for the same: (i) Commenced business with cash Rs.80,000 and cheque Rs.50000. ii) Paid rent in advance Rs.10,000. iii) Purchased goods for cash Rs.20,000 and credit Rs.50,000. iv) Sold goods costing Rs.20,000 at a profit of 50%. v) Paid Salary Rs.6000 and Salary outstanding Rs.11000.

Answer 1

Answer:

assets = liabilities+owner's equity= 1,84,000