Question

How is the accounting equation affected, if goods costing Rs. 8000 are sold to Ramesh for Rs. 9000?
A = L + C

(a) 8000+9000 = 0 + 1000
(b) 9000 = 8000 + 1000
(c) 8000 + (9000) = 0 + (1000)
(d) (8000) + 9000 = 0 + 1000​

Answer 1

Explanation:

17000=1000

9000=9000

17000=1000

17000=1000

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Answer 2

Question :

How is the accounting equation affected, if goods costing Rs. 8000 are sold to Ramesh for Rs. 9000?

Answer :

D ) (8000) + 9000 = 0 + 1000

Why This Answer ? Let's See :

Transaction : Goods costing ₹ 8000 are sold to Ramesh for ₹ 9000.

So, here the asset, goods are sold of ₹8,000 to Ramesh for ₹ 9,000. ₹ 1,000 is profit to business.

Then, we Decrease the value of assets ( 8,000 ) and add the cash got by sales ( 9,000 ) and add the Profit in Capital. Profit is transferred to Capital.

Accounting Equation :

Assets = Liabilities + Capital

Assets = Liabilities + Cash

(8000) + 9000 = 0 + 1,000

∴ Answer = D )