Question

14. Prepare an accounting equation from the following information of a trader
1. The following balances appeared in the books of the trader
Cash.
* 50.000
Cash at Bank.
* 25,000
Stock.
50,000
Furniture
320,000
Accured interest.
5.000
Creditor. (Ashish).
10.000
2. Sold goods costing rupees 15.000 at a profit of 25% on selling prices to Iraq and received half amount in cash
immediately and the rest was promised to be paid after 1 month.
3. Received Accrued interest by bank.
4. Paid cash rupees 9000 to Ashish in full settlement of his account.
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Answer 1

Explanation:

25,000. Stock. 50,000. Furniture 320,000. Accured interest. 5.000. Creditor. (Ashish). 10.000 2. Sold goods costing rupees