3. Prepare accounting equation from the following particulars for the Financial year ending on
31 march, 2010 in the books of Nishil.
(i) Nishil commenced business with cash Rs. 150000.
(ii) Purchased goods for cash Rs. 20000.
(iii) Sold goods for cash (cost Rs. 16000) Rs. 17528.
(iv) Purchased goods from Hari Rs. 23736.
(V) Sold goods to Subhash (cost Rs. 17000) Rs. 19417.
(vi) Received from subhash Rs. 1930, allowed him discount Rs. 117.
(vii) Gave to Hari Rs. 23500 in full settlement of his claim.
(viii) Outstanding Rent Rs. 2400, Outstanding Commission Rs. 500.
Answers
Answer:
hey there
i tried my best
but there is mistake in your question number 6 so i have not done from 6
there is problem in rupees that you wrote in questions
Answer:
Accounting Equation:- Assets = Liability + Capital
(i) Cash = Liability + Capital
= 1,50,000 = 0+ 1,50,000
= 1,50,000 = 1,50,000
(ii) cash + goods = Liability + capital
= (1,50,000- 20,000) + 20,000 = 0 + 1,50,000
=130,000 + 20,000 = 150,000
=150,000 = 150,000
(iii) cash + Goods = Laibility + Capital
= (130,000+ 17,528) +(20,000 -16,000) = 0 + (150,000+ 1,528)
= 147,528 + 4,000 = 0 + 151,528
= 151,528 = 151,528
(iv) Cash + Goods = Laibility + Capital
= 147,528 +(4,000 + 23736) = 23736+ 151,528
=147,528 + 27,736 = 175,264
= 175,264 = 175,264
(v) Cash + Goods+ Debtor = Liability + Capital
= 147,528 +(27,736 -17,000) + 19,417 = 23,736 + (151,528 + 2,417)
= 147,528 +10,736 + 19,417 = 23,736+ 153,935
= 177,681 = 177,681
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