Question

for personal use
3. Show the Accounting Equation on the basis of the following transactions
and prepare the final Balance Sheet.
(i) Commenced business with cash 80,000; Stock * 20,000; Furniture
5000
(ii) Deposited in Bank 50,000
(iii) Purchased goods for cash 10,000
(iv) Goods costing 5000 sold for cash for 5,500
(v) Purchased goods worth 15,000 from Abhishek
(vi) Sold goods to Jay Costing 5000 for 5,600
(vii) Cash paid to Abhishek 14,500. Discount received 500
(viii) Cash received from Jay5300, Discount allowed 300
(ix) Withdrew cash 10,000; Goods worth 4000 for personal use
(x) Depreciate Furniture by 10% for one year
(xi) Paid Salary by cheque 10,000 outstanding * 2000
(xii) Paid Rent 1500 including prepaid 300
(Ans : Balance Sheet Total 80,600)​

Answer 1

Answer:

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Answer 2

Answer:

I do beleive the answer would be the first one, it would only make sence.