Question

Akshay had the following transactions:
i. Commenced business with cash 2,50,000
ii. Purchased goods for cash 1,00,000
iii. Salaries paid 2,500
iv. Sold goods for cash 2,00,000 costing 1,50,000
v. Rent outstanding 500
vi. Purchased goods on credit 1,50,000
vii. Purchased Machinery on credit 25,000
viii. Purchased Motorcycle for personal use 25,000
ix. Purchased building for cash 1,00,000
Use Accounting Equation to show the effect of the above transactions
on the assets, liabilities and capital.

Answer 1

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