Illustration repair accounting equation on the following basis 1) harrish started business with 20000 2) purchased Goods from nowman for Cash = 1,40000 2) solde Goods to banu 10000 4) bought fuenture on credit 7000 5) withdraw Cash for personal use 2000 6) deposited Cash into bank 5000
Answers
Explanation:
Transaction
No.
Assets
=
Liabilities
Capital
Total
Cash
Stock of Goods
Debtors
Furniture
Total
1. Harsha started business with cash ₹ 2,00,000
2,00,000
2,00,000
2,00,000
–
–
–
2,00,000
=
–
2,00,000
2,00,000
2. Purchased goods from Naman for cash ₹ 40,000
(40,000)
40,000
1,60,000
40,000
–
–
2,00,000
=
–
2,00,000
2,00,000
3. Sold goods to Bhanu costing ₹ 10,000/- for ₹ 12,000
(10,000)
12,000
2,000
1,60,000
30,000
12,000
–
2,02,000
=
–
2,02,000
2,02,000
4. Bought furniture on credit ₹ 7,000
7,000
7,000
1,60,000
30,000
12,000
7,000
2,09,000
=
7,000
2,02,000
2,09,000
Total
2,09,000
=
2,09,000
Thus we’ve
Assets
= Cash ₹ 1,60,000 + Goods ₹ 30,000 + Debtors ₹ 12,000 + Furniture ₹ 7,000 = ₹ 2,09,000
Liabilities
= Creditors ₹ 7,000
Capital
= ₹ 2,02,000
Assets ₹ 2,09,000 = Liabilities ₹ 7,000 + Capital ₹ 2,02,000
Answer:
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Explanation: