Question

Accounting Equation
1. Prepare accounting equations on the basis of the following:
(i) Saleem started business with cash 2,50,000.
(ii) Borrowed cash 40,000 from bank.
(iii) Telephone bills paid in cash 3,000.
(iv) Saleem paid school fees of his son from the business 15,000.
(v) Repaid bank loan 30,000.
(vi) Purchased goods for cash 22,000.
(vii) Repaid the balance of bank loan by borrowing equal amount from Jodhan.
(viii) Provide interest on capital * 5,000.
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Answer 1

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Answer 2

Explanation:

Saleem paid school fees of his son from the business 15,000.