Question

Prepare accounting equations from the following transactions-.
i)Ram Kumar started business with cash Rs. 50,000 and Furniture Rs. 10,000.
ii) Goods purchased from Mohan for Rs. 15,000.
iii) Goods sold to Amar for Rs. 12,000(Cost of the goods was Rs 10,000)
iv) Salary paid Rs. 6,000
v) Outstanding rent Rs. 1000.

Answer 1

Answer:

i) 60,000

ii) 15,000

iii) 10000 profit