Question

Prepare ‘Accounting Equations” from the following transactions:

(a) Manohar started business with cash Rs 80,000 and goods Rs 50,000.

(b) Purchased goods for cash Rs 50,000 and on credit Rs 30,000

(c) Paid Rent Rs 40,000.

(d) Paid to Creditors.
​

Answer 1

Answer:

cash AC Dr 80000

purchase /goods AC Dr 50000

to capital AC cr 130000

goods AC Dr 50000

cash AC cr 20000

creditor AC Dr 30000

rent AC Dr

to cash AC cr

creditor AC dr

to cash AC cr