Question

31. Show the accounting equation on the basis of following transactions :
i. Commenced business with Cash Rs20,000: Goods 50,000 and Furniture 30,000. ii. Purchased goods from Gopal on Credit Rs40,000.
iii. Sold goods to Ram on Credit Rs65,000 (Costing Rs 50,000). iv. Withdrew for personal use goods costing Rs 5,000.
v. Purchased chairs for office use for Cash Rs 10,000.
vi. Paid for printing Rs500 and received Commission Rs 1,200.
vii. outstanding rent Rs1000 viii. Paid to Gopal 30,000.

Answer 1

Cash a/c dr 20000
To gopll 40000