Question

6.4
ACCOUNTING EQUATIONS
ILLUSTRATION 2.
Show the Accounting Equation on the basis of the following transactions and
prepare a Balance Sheet on the basis of the last new equation :-
₹
1. Mukesh started business with cash
80,000
2. Purchased goods for cash
28,000
3. Purchased goods on credit
20,000
4. Purchased furniture for cash
6,000
5. Paid rent
2,000
6. Received Commission
500
7. Withdrew cash for private use
3,000
8. Sold goods on credit (cost price 30,000)
40,000
9. Paid to creditors
15,000​

Answer 1

Answer:

Accounting equation...and balance sheet are prepared....

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Answer 2

Answer:

This is the whole solution.