Question

4,000;
6. Show the Accounting Equation on the basis of the
following transactions and present a Balance Sheet on
the last new equation balances:
Ram and Mohan entered into a partnership agreement
to deal in furniture. They contributed 570,000 and
250,000 as capital respectively. Other transactions
were as under:
1
(a) Timber purchased by them
40,000
(b) Wages paid to carpenters
30,000
(c) Furniture sold (Costing * 40,000) 50,000
(d) Furniture sold on credit (Costing 9,000) 10,000
(e) Amount received from debtors
9,900
Discount allowed
100
(6) Timber purchased on credit
6,000
(8) Furniture purchased
5,000
(h) Payment to creditors 5,950 in full settlement
(i) Amount withdrawn:
Ram
2,000
Mohan
1,000
[Ans. Assets = * 1,27,950 and Capital
= 1,27,950]​

Answer 1

Answer:

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