Question

Mohit has the following transactions, prepare accounting equation: (a) Business started with cash *1.75.000 (b) Purchased goods from Rohit *50.000 (c) Sales goods on credit to Manish (Costing * 17,500) 20.000 (d) Purchased furniture for office use *10.000 (e) Cash paid to Rohit in full settlement 48,500 (f) Cash received from Manish *20.000 (g) Rent paid 1.000 (h) Cash withdrew for personal use 3.000 ​

Answer 1

Answer:

A) cash a/c dr    175000

to capital a/c                   175000

B) purchses a/c dr    50000

to rohit a/c                         50000

C) manish a/c dr       20000

to sales a/c                        20000

D) furniture a/c dr    10000

to cash a/c                         10000

E) rohit a/c dr            50000

to cash                                 48500

to disc received                   2500

F) cash a/c dr             20000

to manish                             20000

G) rent a/c dr                1000

to cash                                 1000

H) drawings a/c dr           3000

to cash                                  3000