Question

6. Anil had the following transactions : (i) Commenced business with cash + 70,000. (ii) Purchased goods for cash 20,000 and credit 22,000. (ii) Sold goods for cash 7 40,000 costing * 35,000. (iv) Rent paid 7 600. (v) Rent outstanding 100. (vi) Bought furniture 5,500 on credit. (vii) Bought refrigerator for personal use * 2,100. (viii)Purchased building for cash 20,000. Use accounting equation to show the effect of the above transactions on his assets, liabilities and capital and also show his final balance sheet.​

Answer 1

Answer:

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