17. Prepare the Accounting Equation on the basis of the following:
(1) Started business with cash 40,000 and Machinery *25,000
(2) Purchased Furniture from Dinesh 5,000
(3) Accrued Interest 1,000
(4) Commission Received in advance 500
(5) Interest on Capital @10% (only on cash introduced as capital)
(6) Proprietor paid the fee of his son 2,500(withdrawn from business)
(7) Sold Goods on Credit (Costing 5,000) for 6,000 to Nelson.
(8) Bought Furniture from Smith *7,500 and paid $2,500 in cash and for the ba
(Ans. Total Assets = 75,000; Liabilities 10,500; Capital 64,500)
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(Total assets= 75,000; Liabilities 10,500; Capital 64,500)
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