Question

Based on the accounting equation, how will the following transactions appear? Give sequential changes in the entries under the equation: a. P contributed Rs. 5 lakh as share capital for starting P Ltd. b. Machinery worth Rs. 3 lakh was bought by P Ltd. c. P Ltd. secured a loan of Rs.10 lakh from ICICI Bank d. More machinery worth Rs. 5 lakhs were bought e. An amount of Rs.1.5 lakh in the loan account was repaid

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Answer 1

Answer:

Step-by-step explanation:

there are two accounts  liability and assets we will distribute

contrubition/capital 5lakh , ICICI bank loan 10 lakh will be entered liability side

machinery additional machinery will also be added and loan repaid will be entered assets side

Answer 2

Answer:

Based on the accounting equation, how will the following transactions appear? Give sequential changes in the entries under the equation: a. P contributed Rs. 5 lakh as share capital for starting P Ltd. b. Machinery worth Rs. 3 lakh was bought by P Ltd. c. P Ltd. secured a loan of Rs.10 lakh from ICICI Bank d. More machinery worth Rs. 5 lakhs were bought e. An amount of Rs.1.5 lakh in the loan account was repaid...