Question

Mohit has the following transactions, prepare accounting equation:







Rs

(a)

Business started with cash

1,75,000

(b)

Purchased goods from Rohit

50,000

(c)

Sales goods on credit to Manish (Costing Rs 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

Hey!!!

Refer to the attachment

Hope this helps

Answer 2

Answer:

Mohit has the following transactions, prepare accounting equation: Rs

(a)The business started with cash of                                               1,75,000

(b)Purchased goods from Rohit                                                          50,000

(c)Sales of 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 of                                          48,500

(f)Cash received from Manish                                                            20,000

(g)Rent paid                                                                                              1,000

(h)Cash withdrew for personal use                                                       3,000

Explanation:

Statement showing the effect of various transactions on Accounting Equation

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