Prepare accounting equation on the basis of the following
a) harish started business with cash ₹ 2,00,000.
b) purchased goods from naman for cash ₹. 1,40,000.
c) sold goods to bhanu costing ₹. 10,000.
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Answer:
Debit. Credit
a). cash a/c 2,00,000.
To capital a/c. 2,00,000
b) Purchase a/c 1,40,000
To Naman a/c. 1,40,000
c). Bhanu a/c 10,000
To sales a/c. 10,000
Explanation:
It's simple. All these are based on the golden rules of accounting.
Debit all the expenses and credit all the incomes.
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