Question

Illustration 7.
Anil had the following transactions:
1. Commenced business with cash 50,000. 2. Purchased goods for cash 20,000
and credit * 30,000. 3. Sold goods for cash * 40,000, costing * 30,000. 4. Rent paig
*500, Salaries 5,000. 5. Rent outstanding * 100, Salaries Outstanding * 1,000.
6. Bought furniture for 5,000 on credit. 7. Bought refrigerator for personal use 5,000.
8. Purchased computer for cash 20,000. 9. Cash withdrawn for personal use
* 10,000. 10. Interest on drawings charged 500 and the interest on Capital 1,000.
Use Accounting Equation to show the effect of the above transactions on his assets,
liabilities and capital and also show his Balance Sheet.
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Answer 1

Step-by-step explanation:

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Answer 2

Answer:

Intrest on capital should be deducted from cash(1000) and capital too. Hope it maybe helpful!