Gopinath started business with cash.25000
Purchased goods from Shyam
10000
Sold goods to Sohan costing Rs. 1800
1500
'Gopinath withdrew from business.
5000
accounting equation for the following transaction
Answers
Accounting equation of Gopinath's business.
Explanation:
S.no. Transactions Assets = Liabilities + Capital
Cash + stock + Debtors + creditors (Rs.)
1). Gopinath started business 25,000 25,000
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25000 = 25,000
2)Bought Goods from Shyam 10,000 10,000
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25000 + 10,000 = 10,000 + 25000
3). Sold goods to Sohan - 1800 + 1500 = - 300
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25000 + 8,200 + 1500 = 10,000 + 24,700
4)Gopinath Withdrew from - 5000 = - 5000
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Total 20,000 + 8,200 + 1500 = 10,000 + 19,700
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Assets = 20,000 + 8,200 + 1500
= 29,700
Liabilities = 10,000 + 19,700
= 29,7000
Thus, Assets are equal to liabilities.
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