liabilities and capital and also show his Balance Sheet.
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 paid 500,
Salaries * 5,000. 5. Rent outstanding 100, Salaries Outstanding 1,000. 6. Bought
furniture 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 Cash withdrawn for personal use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 3 500 and the interest on Capital 1,000.
Use Accounting Equation to show the effect of the above transactions on his assets,
Solution
Answers
Answer:
see below
Explanation:
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