Question

Mohit has the following transactions, prepare accounting equation:
S.no. Particulars Amount (₹)
(i) Business started with cash 1,75,000
(ii) Purchased goods from Rohit 50,000
(iii) Sold goods on credit to Manish (costing Rs 17,500) 20,000
(iv) Purchased furniture for office use 10,000
(v) Cash paid to Rohit in full settlement 48,500
(vi) Cash received from Manish 20,000
(vii) Rent paid 1,000
(viii) Cash withdrew for personal use 3,000