Prepare accounting equations for the following transactions: (10 marks)
S.no Transactions Amount
01 Started business with cash 1,20,000
02 Received rent 10,000
03 Invested in share 50,000
04 Dividend received 5,000
05 Purchased goods on credit from mohan lal 35,000
06 Paid cash for household expenses 7,000
07 Sold goods for cash (costing 10,000) 14,000
08 Cash paid to mohan lal 35,000
09 Deposit into bank 20,000
10 Goods destroyed by fire 1,000
11 Returned goods to suppliers of goods 2,000
12 Goods returned from a customer Raghav to whom goods costing 2000
were sold for
4,560
Answers
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Answer:
1 cash account Dr
to capital account
2 cash account Dr
to rent account
3 investment account Dr
to cash account
4 cash account Dr
to dividend account
5 purchase account Dr
to mhonlal account
6 drawings account Dr
to cash account
7 cash account Dr
to sales account
8 mahonlal account Dr
to cash account
9 bank account Dr
to cash account
10 loss by fire account Dr
to goods account
Explanation:
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