Question

27.
transaction in the books of accounts
Show the accounting equation on the basis of the following transactions and present a balance [6]
sheet on the last new equation balances.
Varun and Raj entered into a partnership agreement to deal in furniture. They contributed Rs
2,10,000 and Rs 1,50,000 as capital respectively. Other transactions were as under.
Amount(Rs)
(i) Timber purchased by them
1,20,000
(ii) Wages paid to carpenters
90,000
7/15
rest see the image ​

Answer 1

Answer:

2 (C): Classify the Accounts into Assets, Liabilities, Income, Expenditure and Capital (3M)

(1) Goods A/C

(2) Wages A/C

(3) Loan A/C

(4) Debtors A/C

(5) Creditors A/C

(6) Furniture A/C

(7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C

(10) Discount A/C

(11) Rent Received A/c (12) Building A/C

CANA