Prepare accounting equations on following basis started business with 70000 purchase goods on credit 14000 withdraw for private use 1700 purchase goods for cash 10000
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assets. = liabilities + capital
started business with. 70000. = 0. + 70000
cash
purchase goods on. 14000. = 14000 + 0
credit
new equation 84000 = 14000 + 70000
withdrew cash for. ( _ )1700. = 0. + ( _ )1700
personal use.
new equation. 82300 = 14000 + 68300
purchase goods for +10,000.
= 0. + 0
cash _10,000
new equation. 82300 = 14000 + 68300
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