Question

Prepare Accounting Equation from the following transactions:

S.

No.

Transactions Amount

1 Cash 60,000 2,70,000Started

business with:

Furniture 1,80,000

Goods 30,000

2 Purchased goods for cash Rs. 40,000 and on

credit Rs. 60,000 1,00,000

3 Sold goods costing 50,000 at 20% profit on cost ----------

4 Paid to Creditors in full settlement 57,500

5 Rent Paid Rs. 5,000 and Rent outstanding Rs.

3,000 8,000

6 Depreciation on furniture 18,000​

Answer 1

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