Question

Prepare an accounting equation on the baises of the following
1) Kunal started business with cash Rs.2,50,000
2)he purchased furniture for cash Rs.35,000
3) he paid commission for Rs.2,000
4) he sold goods(coding Rs.20,000) for Rs.22,000
5) he purchased goods on credit Rs.40,000
6)he gave loan to Anil Rs.5,000

Answer 1

Answer:

1.

capital a/c dr. 250000

to cash a/c 250000

2.

furniture a/c dr. 35000

to cash a/c 35000

3.

commission paid a/c dr. 2000

to cash a/c 2000

4.

cash a/c dr. 22000

to sales. a/c 22000

5.

purchase a/c dr. 40000

to creditors a/c 40000

6.

anil loan dr. 5000

to loan a/c 5000

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