Question

8. Prepare accounting equation from the following transactions:
a) Started business with cash of Rs. 1,00,000
b) Bought from Navin Traders Rs. 50,000
c) Returned goods to Navin Traders Rs. 5,000
d) Cash paid to Navin Traders Rs. 43,000 in full settlement.
e) Opened Bank Account with Rs. 5,000
f) Withdrawn from Bank Rs. 2,000 for office use
9. Classify the following Accounts into Assets, Liabilities, capital, Expe
a.
Cash Account
b.
Purchases Account​

Answer 1

Answer:

1. cash a/c dr.

to capital a/c

2. purchases a/c dr 50,000

to navin traders 50,000

3. navin traders a/c dr.5,000

to purchases return a/c. 5,000

4. navin traders a/c dr. 45,000

to discount received a/c . 2,000

to cash a/c 43,000

5. bank a/c dr. 5000

to cash a/c 5000

6.cash a/c dr. 2000

to bank a/c 2000

Answer 2

Explanation:

in the accounting equation, I have interchanged d and e equation so please look at it carefully.

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