Question

Habib Ullah Sadiq is wholesale trader; following transactions are record. i. Commence business with cash P200,000 and Land P500,000. ii. Bought merchandising for cash P80,000. iii. Cash sales of worth P25,000. iv. Bought goods on credit from Salman of worth P50,000. v. Sales on account to Ali Raza P15000. vi. Purchase furniture of the value of P5,000 by cash. Vii. Received cash form Ali Raza of P10,000. viii. Return defective furniture of worth P1,500. xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable 1,500. HOW MUCH IS THE TOTAL ASSETS? TOTAL LIABILITIES? TOTAL EQUITY?

Answer 1

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