Prepare accounting equation on the basis of the following: a) Started business with cash Rs 70,000. b) Credit purchases of goods Rs 18,000. c) Payment made to creditors in full settlement Rs 17,500. d) Purchase of machinery for cash Rs 20,000
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Take
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(i) Started business with Cash Rs. 70,000 (ii) Credit purchase of goods Rs. 18,000 (iii) Payment made to creditor Rs. 17,500 in full settlement (iv) Purchase of Machinery for Cash Rs. 20,000 (v) Depreciation on Machinery Rs. 2,000
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Answer:70500 is the final answer.
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