Question

(Assets: 84,500 = Liabilities. 20,00 uupuwo
11. Show the effect of the following transactions on assets, liabilities and
Accounting Equation. Also prepare a Balance Sheet:
(1) Started business with cash * 60,000.
(ii) Rent received 2,000.
(iii) Accrued interest 500.
(iv) Commission received in advance 1,000.
(v) Amount withdrawn 5,000.
Assets: Cash 58,000 + Accrued interest 500 = Liabilities: Commission
Received in Advance 1,000 + Capital: 57,500.]
Hint: Capital = Opening Capital 60,000 + Rent Received * 2.000 + Accrued Interest
* 500 - Drawings 5,000 = 57,500.]
The​

Answer 1

Answer:

Started business with cash...... Cash +60,000

Capital + 60000

2)cash+2000

capital+2000

3)accrued interest+500

capital + 500

4)cash + 1000

commission +1000

5) cash -5000

capital -5000