Kapil had the following balance cash in hand 25000 cash at Bank 20000 furniture 10,000 missionary 15000 buildings 100002 from Vishwanath 8000 due to madan 30,000 due to sequence 20000 duty Shankar 5000 loan from Amar 50,000 inventory of goods 25000 journal the following
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29. Draw an Accounting Equation from the following transactions: –
(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000
(ii) Car, a personal asset of the proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.
(iii) An amount of Rs 50,000 was transferred from his saving account to the firm’s Bank Account.
(iv) A new car was purchased for Rs 6,00,000 for office use. It was paid by taking a loan from a bank of Rs 5,00,000 and balance by the issue of cheque from the firm’s Bank Account.
(v) Sold goods to Ajay on credit costing Rs 4,000 for Rs 5,000.
(vi) Sold goods for cash costing Rs 12,000 for 16,000.
(vii) Purchased goods for cash Rs 40,000
(viii) Purchased goods for credit Rs 20,000
(ix) Paid rent Rs 3,000 including Rs 2,000 in advance.
(x) Paid salary Rs 2,000
(xi) Sold goods costing Rs 8,000 for 10,000.
(xii) Salaries outstanding Rs 1,000
(xiii) Charge depreciation on furniture Rs 500.
Answer:
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