Question

3. Prepare Accounting Equation from the following:
(a) Raghu started business with cash
(6) He purchased furniture for cash
(c) He paid commission
(d) He purchased goods on credit
(e) He sold goods (Costing* 20,000) for cash
2,50,000
35,000
2,000
40,000
26,000
2 30​

Answer 1

Journal enteries :

(1) Raghu started business with cash

Cash A/c dr 2,50,000

. To Capital A/c 2,50,000

(.being started business with cash )

(2) He purchase furniture on cash

Furniture A/c dr 35,000

To Cash A/c 35,000

(being purchased furniture on cash )

(3) He paid commission

Commission A/c dr 2,000

To cash A/c 2,000

(being cash paid on commission)

(4)He purchase Goods on credit

purchase A/c dr 40,000

To Creditors A/c 40,000

(being goods purchase on credit )

(5) He sold goods for cash ( cost 20,000) 26000

Cash A/c dr 26,000

To Profit & loss A/c dr 6000

To Cash A/c. 20,000

(being goods sold on profit )

HOPE ITS HELPS YOU

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