Question

5. Use accounting equation to show effect of the following transactions
on assets, liabilities and capital :
(a) Started business with cash 30,000 goods 40,000 and furniture
20,000.
(b) Bought goods from Raman 20,000
(c) Sold goods bought from Raman to Sohan for * 25,000
(d) Paid rent 4,000 and rent still outstanding * 1,000
(e) Sohan settled his account at a discount of 500.
Received commission 5,000 including 1,000 as advance.
[Ans. Cash 55,500 + Stock * 40,000 + Furniture 20,000 = Creditors
20,000 + Rent Outstanding 1,000 + Advance Commission 1,000
+ Capital 93,500]
[Hint. Trans. (f) Com. 4,000 is income and 1,000 advance received
is liability]​

Answer 1

Answer:

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Explanation:

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