Question

Prepare an Accounting Equation i. Haji t started business with cash Rs.20,000. ii. He purchased furniture for Rs.2,000. iii. He paid rent of Rs.200. iv. He purchased goods on credit Rs.3,000. v. He sold goods (cost price Rs.2,000) for Rs.5,000 on cash.

Answer 1

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Secondary School Accountancy 15 points

Question 6.

Prepare an Accounting Equation and Balance Sheet on the following basis:

(i) Ajeet started business ₹ 20,000.

(ii) He purchased furniture for ₹ 2,000.

(iii) He paid rent of ₹ 200.

(iv) He purchase goods on credit ₹ 3,000.

(v) He sold goods (cost price ₹ 2,000) for ₹ 5,000 on cash.

Ask for details Follow Report by Davidgurung2463 18.02.2020

Answers

duttasougata78 Ambitious

(I) cash a/c. Dr. 20000

to capital a/c. 20000

(being business started with cash)

(ii) furniture a/c. Dr. 2000

to cash a/c. 2000

(being furniture purchase in cash)

(iii)rent a/c. Dr. 200

to cash a/c. 200

(being rent paid in cash)

(iv) purchase a/c. Dr. 3000

to creditor a/c. 3000

(being goods purchase on credit)

(v) cash a/c. Dr. 5000

to sales a/c. 2000

to profit and loss a/c. 3000

(being goods sold in cash)

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Answer 2

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(i) cash a/c. Dr. 20000

to capital a/c. 20000 (being business started with cash)

(ii) furniture a/c. Dr. 2000 to cash a/c. 2000 (being furniture purchase in cash)

(iii)rent a/c. Dr. 200 to cash a/c. 200 (being rent paid in cash)

(iv) purchase a/c. Dr. 3000 to creditor a/c. 3000 (being goods purchase on credit)

(v) cash a/c. Dr. 5000 to sales a/c. 2000 to profit and loss a/c. 3000 (being goods sold in cash)

0.0

Hope it helps úh