Question

43.
Use Accounting equation to show the effect of following transactions on Assets,
Liabilities and capital and also show the balance sheet.
Transactions:
1. Ram started business with cash of 1,80,000, Goods 50,000, Debtors 10,000, Furniture 10,000
and Creditors 20,000.
2. Goods costing 6,000 sold to Amit at loss of 10%, out of which 2,000 received in cash.
3. Cash deposited into bank * 20,000.
4. Rent outstanding 5,000.
5. Received cheque from Amit 3,200 in full settlement of 3,400. Cheque deposited on the same date.
6. Insurance paid in advance * 1,000.
7. Paid to creditors 18,000 in full settlement of 20,000.
8. Depreciate Furniture @10%.
9. Unearned interest 2,000.

Answer 1

Answer:

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