Question

Prepare accounting equation:

a) Ram started business with cash 250000

b) He purchased furniture 35000

c) He paid commission 2000

d) He purchased goods on credit 40000

e) He sold goods costing 20000 for cash 26000

f) He withdraw cash for personal use 2000 3
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Answer 1

Answer:

(a) Cash a/c dr. 2,50,000

to capital a/c 2,50,000

(b) Furniture a/c dr. 35,000

to cash a/c 35,000

(c) Commission a/c dr. 2000

to cash a/c 2000

(d) Purchases a/c dr. 40,000

to creditors a/c 40,000

(e) Cash a/c dr. 26,000

to sales a/c 26000

(f) Drawings a/c dr. 20003

to cash a/c 20003

Explanation:

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