Question

Prepare Accounting equation on the basis of following information: 1) Arun started business with Cash ₹80,000, Machinery ₹10,000 Furniture ₹10,000 2) Purchased goods for ₹50,000. 3) Paid Salary ₹2,000 4) Sold goods to Ratan (Cost of goods `29,000) ₹31,000 5) Interest on the above capital was allowed @ 10% p.a. for 1month 6) Money withdrew from the business for his personal use ₹10,000 7) Rent outstanding ₹500 8) Advance commission received ₹7,000 9) Depreciation charged on machinery ₹2,000 10) Received from Ratan in full settlement ₹30,500 11) Purchased from Abhay ₹40,000 12) Sold material (Costing `40,000) ₹43,000 13) Paid to Abhay on account ₹20,000 14) Goods destroyed by fire ₹5,000. pls give the correct answer

Answer 1

Answer:

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