Question

Accounting Equation 1. Atul started business with Rs. 6,00,000 alongwith building of Rs. 4,00,000. 2. Purchased stock of Rs. 60,000(2/3 on credit) 3. Sold ┬╝ of above goods to Vipul at 20% profit( vipul paid 50% in cash) 4. Settled creditors account at 1000 discount. 5. Commission received in advance Rs. 2,000. 6. Made investment in shares of Rs. 10,000. 7. Sold wifeтАЩs jewellery for Rs. 50,000 and brought that money in business. 8. Rent paid Rs. 14,000 and Rs. 6,000 is still payable. 9. Interest on capital Rs. 5,000. 10. Vipul accepted a bill receivable for Rs. 6,000 . 11. Bill discounted from bank at 5% discount.

Answer 1

Purchased stock of Rs. 60,000(2/3 on credit) 3. Sold ┬╝ of above goods to Vipul at 20% profit( vipul paid 50% in cash) 4. Settled creditors account at 1000 discount. 5. Commission received in advance Rs. 2,000. 6. Made investment in shares of Rs. 10,000. 7. Sold wifeтАЩs jewellery for Rs. 50,000 and brought that money in business. 8. Rent paid Rs. 14,000 and Rs. 6,000 is still payable. 9.