Question

Prepare Accounting Equation on the basis of the following transactions:
A. Started business with Cash Rs. 70,000 ; Furniture Rs. 25,000 and a computer of Rs. 25,000
B. Credit purchase of goods Rs. 18,000
C. Payment made to creditors in full settlement Rs. 17,500
D. 10% Depreciation was charged on Furniture.
E. Goods of Rs. 10,000 was sold at 20% profit.

Answer 1

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