From the following information, prepare an accounting equation.
(a) Mr. Wakeed started a business with cash * 2,50,000 on Ist April 2009
(b) He Purchased goods worth 10,000.
(c) He purchased refrigerator for personal use for 10,000
(d) Interest allowed on Capital @ 5% p.a.
(e) Interest charged on drawings @ 10% p.a. Peranam Poot veau
Books are being closed on 31st December every year.
-year.
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Accountancy is a subject which is closely related with trade. It assesses and manages the monetary outcome of the institution. This subject teaches students how to record, allocate and outline the transactions of business. Besides learning to record, classify and report transactions, students learn how to draft a financial report based on recorded data and create financial statements.
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