Question

Personal machinery worth Rs 10,000 sold for rs 9,000 and out of this ,cash Rs 5,000 was brought in the business​

Answer 1

Answer:

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Bank

(Rs)

+

Stock

(Rs)

=

Creditors

(Rs)

(Rs)

(i)

Started business with cash

45,000

=

45,000

45,000

=

45,000

(ii)

Opened a Bank Account with a deposit

– 4,500

+

4,500

=

40,500

+

4,500

=

45,000

(iii)

Bought goods from M/s. Sun & Co.

11,200

=

11,200

40,500

+

4,500

+

11,200

=

11,200

+

45,000

Total Assets

=

Cash + Bank + Stock

=

40,500 + 4,500 + 11,200

=

Rs

56,200

Liabilities

=

11,200

Capital

=

45,000