Prepare an accounting equation from the following:
1.The following balances appeared in the books of AKSHITA: Cash Rs 80,000; Cash at Bank Rs 20,000 Stock Rs 30,000; Machinery Rs 20,000; Outstanding Salary Rs 10,000; Prepaid Insurance Rs 1,000
2. Sold goods costing Rs 5,000 on credit to Manish for Rs _________
3. Received Rs _________ from Manish after receiveing a cash discount of Rs 300 which was 5% of the amount due from him.
4. Paid cash Rs 5,000 for outstanding salary.
Answers
Answer:
The following balances appeared in the books of Akshita :
Cash
80,000
Cash at Bank
20,000
Stock
30,000
Machinery
20,000
Outstanding salary
10,000
Prepaid insurance
*1,000
2.
Sold goods costing * 5,000 on credit to Manish for
Alamy
Allowing
Received
from Manish after receiving a cash discount of * 300
which was 5% of the amount due from him.
3.
4.
Paid cash 5,000 for outstanding salary.
2
SEE ANSWERS
Log in to add comment
Answer
5.0/5
1
arttechnical112
Virtuoso
68 answers
1.1K people helped
Answer:
(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000
(ii) Car, a personal asset of the proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.
(iii) An amount of Rs 50,000 was transferred from his saving ac
To keep reading this answer, download the free app
Join millions of students having fun with homework
4.6
VIEW ANSWER IN-APP
o2z1qpv and 2 more users found this answer helpful
THANKS
1
5.0
(1 vote)
Answer
3.0/5
1
parmarvidhi23
Helping Hand
22 answers
234 people helped
UNLOCK
Smenevacuundacy and 2 more users found this answer helpful
THANKS
1
3.0
(1 vote)
Still have questions?
FIND MORE ANSWERS
ASK YOUR QUESTION
New questions in Accountancy
interest on bank loan ₹800 debited to the current account.
Enhance of the sales goodsnational or international open the manufacture produce on consignments
Apollo Ltd. Issued 15,000 shares of Rs.20/- each at par payable as follows: 5/- on Application5/- on allotment 5/-on first call5/- on second and fina …
state two objectives of trail balance
mcq- Stock turnover ratio does not mean that the company is (a) buying in small lots (b) efficient and sells quickl …
state the rules of debit and credit of assets
Mr. Z sold the following assets during the year 2019-20 : (i) Land purchased in 2001 for ` 1,40,000 sold for ` 3,00,000. (ii) Machinery purchased for …
A fire occurred at the premises of a trader on 31.5.94 destroying a great part of his goods. His stock at 1.1.94 was Rs. 60,000. The value of stock …
mitron question aur answer main emoji kaise dale pls help karo
interest on investment earned but not received...does this go in income side or expense side?
Previous
Next
Ask your question