prepare the account ing equation 1. pooja commenced business with cash Rs 1,60,000
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Show an Accounting Equation for the following transactions: (i) D. Mahapatra commenced business with cash of Rs. 50,000 and Rs. 1,00,000 by cheque; goods ...
Missing: pooja | Must include: pooja
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Working Note: Rs.60,000 × 1/3 = Rs.20,000 × 110% = Rs.22,000 Half received in Cash = Rs.11,000.
So, when the cash comes in, we debit the Cash A/c and Credit the capital A/c adhering to the rules of Real Account and Personal Account which says” Debit what comes in whereas credit the giver. The capital invested in the business is a liability to the firm/concern and so it is credited.
Assets = Liabilities + Equity.
Liabilities = Assets – Equity.
Equity = Assets – Liabilities.
Assets = Liabilities + Owner's Equity + Revenue – Expenses – Draws.
In case of a journal entry for cash purchase, Cash account and Purchase account are used. The person to whom the money is owed is called a “Creditor”.
5. Prepare accounting equation for the following transactions: (a) Started ...
(b) Purchased goods for Cash Rs. 60000 and on Credit Rs. 1,50000. ... 5. Prepare accounting equation for the following transactions: (a) Started business with Cash Rs. 2 .
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10. Prove that the Accounting Equation is satisfied in all the following transactions ...
Also prepare 2000 Balance Sheet. (1) Commenced business with cash (ii) Paid rent in advance 60000 (iii) Purchased goods for cash ...
Missing: pooja Rs
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