Question

) From the following transactions prepare a table showing two accounts involved, Type of Account, 'Dr' or 'Cr' with reason : Rohit started business with cash 50,000/-. 2. Purchased Goods from Dhoni on Credit * 10,000/- 3. Sold Goods to Virat on Credit 20,000/-. 4. Received Dividend 500/- 5. Paid for Advertisement 500/-. 6. Purchased Machinery for Cash 5,000/-. 7. Bought Goods from Swara worth 3,000/- on Credit​

Answer 1

Answer:

(i) Started business with Cash Rs. 70,000 (ii) Credit purchase of goods Rs. 18,000 (iii) Payment made to creditor Rs. 17,500 in full settlement (iv) Purchase of Machinery for Cash Rs. 20,000 (v) Depreciation on Machinery Rs. 2,000 Read more on Sarthaks.com - https://www.sarthaks.com/473611/prepare-an-accounting-equation-on-the-basis-of-the-following-transactions