7. Show the effect of following transactions on the accounting equation : (a) Daniel started business with ₹ F (i) Cash 3,00,000 1 (ii) Goods 2,00,000 (iii) Building 1,50,000 (6) He purchased goods for cash 60,000 (c) He sold goods for cash (costing 20,000) 30,000 (d) He purchased goods from Ryan 60,000 (e) He sold goods to Jackson (costing * 70,000) 80,000 O He paid cash to Ryan in full settlement 58,000 (8) Salary paid by him 10,000 (h) Received cash from Jackson in full settlement 79,000 (i) Rent outstanding 2,000 6) Prepaid Insurance 1,000 (k) Commission received by him 10,000 (1) Amount withdrawn by him for personal use 10,000 (m) Depreciation charged on building 12,000 (n) Fresh capital invested 60,000 (0) Purchased goods from Aria 5,000 Ans. [Assets : Cash *3,40,000+ Stock * 2,35,000+ Building 1,38,000+Prepaid Expenses 1,000 = Liabilities : Creditors 5,000+ Outstanding Expenses * 2,000 + Capital 7,07,000]
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show the effect of following transaction on the accounting equation
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