Accountancy, asked by sinaancr7, 9 months ago

Prepare Accounting Equation from the following: i. Started business with cash Rs.1,00,000 and Goods Rs.20,000. ii. Sold goods worth Rs.10,000 for cash Rs.12,000. iii. Purchased furniture on credit for Rs.30,000.

Answers

Answered by lodhiyal16
4

Answer:

Explanation:

Prepare Accounting Equation from the following: i. Started business with cash Rs.1,00,000 and Goods Rs.20,000. ii. Sold goods worth Rs.10,000 for cash Rs.12,000. iii. Purchased furniture on credit for Rs.30,000.

Accounting equation

                                       CASH +STOCK+FURNITURE = CREDITOR +CAPITA      

Bussiness commenced   100000  + 20000                   =                     120000

goods sold                           12000      (10000)                 =                    +   2000

Furniture purchased                                           30000  =   30000

Total                                112000 +      10000 + 30000 =     30000 + 122000

Answered by sulagnapalit8263
8

Given:-

(i) started business with cash Rs 1,00,000 and goods Rs 20,000.

(ii) sold goods for rupees 10,000 for cash Rs 12,000.

(iii) purchased furniture on credit for rupees 30,000.

To find:-

prepare accounting equation from this about points.

Solution:-

Accounting equation

Assets = Liberties + Capital

apital=> Cash + Stock + Furniture = Creditors

_______________________________

Assets = Liberties+Capital

________________________________

Cash + Stock + Furniture = Creditors

________________________________

(i)1,00,000+20,000 = 1,20,000

(capital)

________________________________

1,00,000+20,000 = 1,20,000

(ii) 12,000 - 10,000 = + 2,000

(capital)

________________________________

1,12,000+ 10,000 = 1,22,000

(iii) +30,000=30,000

(furniture) (liberties)

________________________________

1,12,000+10,000+30,000=30,000+1,22,000

________________________________

Assets= Cash + Stock + Furniture

=Rs. 1,12,000+Rs. 10,000+Rs. 30,000

= Rs. 1,52,000

Liberties = Rs. 30,000

Capital= Rs. 1,22,000

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