Question

& Prepare accounting equabon of Ram from the following transactions:
2 Bought goods for cash 15,000 from Gopi and on credit from
1. Commenced business with cash 50,000
Amit for 25,000.
3. Sold goods bought from Amit at a profit of 20%.
4. Settled the account of Amit by paying 24,500.
5. Rent paid to landlord 5,000.
6. Salary paid to Mohan 8,000 but salary is still due ? 1,000
7. Landlord requested for advance rent of 1,000 and it was paid to
him.
8. Insurance premium paid was 2,500 of which 1/5th was prepaid
[Ans. Cash 2 24,000 - Stock ? 15,000 + Prepaid expense ? 1,500
= Outstanding Expenses ? 1,000 + Capital 39,500)​

Answer 1

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