Prepare accounting equation from the following equation.
1.Started business with cash ₹100000.
2.Bought from navin traders ₹50000.
3. Returned goods to navin traders ₹5000.
4. Cash recieved from navin traders ₹45000 in full settlement .
5. Opened a bank account with ₹5000.
6. Withdrawn from bank ₹2000 for office use .
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hrithikas543
20.10.2020
Accountancy
Secondary School
answered
8. Prepare accounting equation from the following transactions:
a) Started business with cash of Rs. 1,00,000
b) Bought from Navin Traders Rs. 50,000
c) Returned goods to Navin Traders Rs. 5,000
d) Cash paid to Navin Traders Rs. 43,000 in full settlement.
e) Opened Bank Account with Rs. 5,000
f) Withdrawn from Bank Rs. 2,000 for office use
9. Classify the following Accounts into Assets, Liabilities, capital, Expe
a.
Cash Account
b.
Purchases Account
2
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Answer
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dixitadwait05
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Answer:
1. cash a/c dr.
to capital a/c
2. purchases a/c dr 50,000
to navin traders 50,000
3. navin traders a/c dr.5,000
to purchases return a/c. 5,000
4. navin traders a/c dr. 45,000
to discount received a/c . 2,000
to cash a/c 43,000
5. bank a/c dr. 5000
to cash a/c 5000
6.cash a/c dr. 2000