Prepare an Accounting Equation for the following trasactions :
(a) Started business with cash ₹ 50,000 and goods ₹ 30,000 .
(b) Purchased goods for cash ₹ 30,000 and on credit from karan ₹ 20,000 .
(c) Goods costing ₹ 40,000 were sold for ₹ 55,000 .
(d) Withdrew cash for personal use ₹ 10,000 .
(e) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20 %
Answers
Answer:
Explanation:
transaction 1
assets = liabilities +capital
cash + furniture + stock creditors
50,000 50,000
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50,000 50,000
transaction 2
-6000 + 6000
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44,000 + 6000 50,000
transaction 3
+ 15000 15000
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44,000 +6000 + 15000 = 15000 + 50,000
transaction 4
-4000 -5000 - 9,000
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40,000 + 6,000 + 10,000 = 15000 + 41000
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transaction 5
+10,000 -8000 +2000
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50,000 + 6,000 + 2,000 = 15000 + 43,000
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transaction 6
-10000 -10000
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40000 + 6000 + 2000 = 5000 + 43,000
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transaction 7
+ 2000 +2000
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42000 + 6000 + 2000 = 5000 + 45000
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