Question

. Explain the effects of transactions in accounting equation. (Journal entries are not (i) Started business with cash of Rs 30000 and borrowing 8% Loan of Rs 50000 from (ii) Purchased furniture of Rs 5000 from ABC Furniture Mart (in) Paid Salary of Rs 1500​

Answer 1

Answer:

Assets = Cash 52,100 + Bank 25000 + Furniture 100000 + Stock 43500 + Debtors 9000 = 2,29,600/-

Liabilities: – Creditors 50,000 + Security 1,500 = 51,500/-

Capital = 1,78,100/-

Liabilities +Capital

51,500 + 1,78,100= 2,

29,600/-

Explanation:

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