Prepare the accounting equation on the basis of the following
1 Rakesh commenced business with cash Rs 150000
2. furniture purchased for cash Rs 20000
3. Purchased goods from Mahesh on credit Rs 25000
4. Sold goods costing Rs 10000 to Mohan for cash Rs 14000
5. Additional capital introduced Rs 20,000
6. Commission received in advance Rs 2,000
7. Paid to creditors Mahesh in full settlement Rs 22500
8. sold goods costing Rs 15000 for Rs 18000 out of which Rs 5000 received in cash
9. Depreciation on furniture provided at the rate of 10 %.
Answers
Answer:
Prepare the accounting equation on the basis of the following
1 Rakesh commenced business with cash Rs 150000
2. furniture purchased for cash Rs 20000
3. Purchased goods from Mahesh on credit Rs 25000
4. Sold goods costing Rs 10000 to Mohan for cash Rs 14000
5. Additional capital introduced Rs 20,000
6. Commission received in advance Rs 2,000
7. Paid to creditors Mahesh in full settlement Rs 22500
8. sold goods costing Rs 15000 for Rs 18000 out of which Rs 5000 received in cash
9. Depreciation on furniture provided at the rate of 10 %.
Answer:
the following
1 Rakesh commenced business with cash Rs 150000
2. furniture purchased for cash Rs 20000
3. Purchased goods from Mahesh on credit Rs 25000
4. Sold goods costing Rs 10000 to Mohan for cash Rs 14000
5. Additional capital introduced Rs 20,000
6. Commission received in advance Rs 2,000
7. Paid to creditors Mahesh in full settlement Rs 22500
8. sold goods costing Rs 15000 for Rs 18000 out of which Rs 5000 received in cash
9. Depreciation on furniture provided at the rate of 10 %.