Question

32. Show the accounting equation and the Balance Sheet from the following information

Started business with cash Rs. 1,00,000; goods Rs 40,000 and furniture Rs 10,000

Purchased goods on credit for Rs, 10,000

Received commission Rs. 1,000

Sold goods(costing Rs 40,000) for Rs 42,500.
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Answer 1

Answer:

Started business with cash Rs. 1,00,000; goods Rs. 40,000 and furniture Rs. 10,000 is the right answer.