New 24
83.000 20.000
rchased furniture * 1.500
76,500 +5.000 + 20,000 + 1,500
Final Equation
Follow up Problem 2
(1) Rehman commenced business with cash 350,000.
(ii) Purchased goods on credit 18,000.
ii) Withdrew cash for private use * 12,000.
iv) Goods costing 10,000 sold on credit for 9,000.
(v) Purchased machinery for 20,000.
vi) Purchased goods for cash * 6,000.
ON 3. Show the accounting equations on the basis of the
how the accounting equations on the basis of the following transactions :
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Answer:
(I) Cash a/c dr. 350,000
to capital a/c 350,000
(ii) Purchases a/c dr. 18,000
to creditors a/c 18,000
(iii) Drawings a/c dr. 12,000
to cash a/c 12,000
(iv) Debtors a/c dr. 9,000
to sales a/c 9,000
(v) Machinery a/c dr. 20,000
to cash a/c 20,000
(vi) Purchases a/c dr. 6,000
to cash a/c 6,000
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