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

Answer:

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