ILLUSTRATION 5: Show that accounting equation is satisfied in all the ollowing bansactions of Sumit 1. Started business with cash 7 40,000, goods 50,000 and furniture 10,000 2. Purchased goods from Sohan 320.000. 3. He sold goods purchased from Sohan for 325,000 to Ram. 4. He paid Sohan in full settlement of his account 19,500. 5 Received cash from Ramen full settlement 24.200. 6. Paid Rent 3,000 but 800 is still outstanding. 7 Charge depreciation on furniture > 1,000. 8 Received commission 2000 including 500 as advance. 9. Charge interest on capital 8,000.
Answers
Explanation:
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Answer:
Liabilities = 20,000 + 100 = 20,100
Capital = 64,400
Assets = 64,400 + 20,100 = 84,500