Question

C. Show the accounting equation of the following transactions and also show the Balance Sheet:
1. Commenced business with cash 500,000, Goods * 100,000 and Furniture * 10,000.
2. Sold goods to Rakesh on credit costing 4000 for 5,000.
3. Paid rent in advance 5,000.
4. Salary outstanding 1,000.
5. Charge depreciation on furniture > 1,000.
6. Goods destroyed by fire 35,000.
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Answer 1

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