Question

8. Develop an Accounting Equation from the following transactions:
(i) Mohan commenced business with cash. 50,000
(ii) Purchased goods for cash. 30,000
(iii) Purchased goods on credit. 20,000
(iv) Sold goods (costing * 10,000) for. 12,000
(u) Bought furniture on credit. 2,000
(vi) Paid cash to a creditor. 15,000
(vii) Salary paid
1,000​

Answer 1

Answer:

capital to cash 30000

purchase to cash 20000

purchase to creditor or party

cash account br. 12000

to sale account. 10000

to profit and loss ac. 2000

furniture to party or creditors. 2000

Debtor's to creditor 15000

salary to cash 1000