from the following prepare general and accounting equation commenced business with capital rupees 50000 and stock rupees 30000 and 20000, purchased goods for cash rupees 20000 on credit rupees thousand, paid electricity bill by cheque rupees 5000,sold goods for cash rupees 10000 and on credit rupees 2,000
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Explanation:
S. No.
Transactions
Assets
=
Liabilities
+
Capital
Cash
(Rs)
+
Bank
(Rs)
+
Stock
(Rs)
=
Creditors
(Rs)
(Rs)
(i)
Started business with cash
45,000
=
45,000
45,000
=
45,000
(ii)
Opened a Bank Account with a deposit
– 4,500
+
4,500
=
40,500
+
4,500
=
45,000
(iii)
Bought goods from M/s. Sun & Co.
11,200
=
11,200
40,500
+
4,500
+
11,200
=
11,200
+
45,000
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