22. Show the effect of the following business transactions on assets, liabilities and capital
through accounting equation:
(5)
Rs.
(i) Commenced business with cash
20,000
(ii) Goods purchased on credit
7,000
(iii) Furniture purchased
3.000
(iv) Paid to creditors
2.000
(v) Amount withdrawn by the proprietor
4,000
(vi) Creditors accepted a bill for
1,500
(vii) Interest on capital
1.000
(viii) Transfer from capital to loan
5,000
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Answer:
Show the effect of the following business transactions on assets, liabilities and capital
through accounting equation:
(5)
Rs.
(i) Commenced business with cash
20,000
(ii) Goods purchased on credit
7,000
(iii) Furniture purchased
3.000
(iv) Paid to creditors
2.000
(v) Amount withdrawn by the proprietor
4,000
(vi) Creditors accepted a bill for
1,500
(vii) Interest on capital
1.000
(viii) Transfer from capital to loan
5,000
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