Question

Prove that the Accounting Equation is satisfied in all the following transactions of Sameer Goel:
(i) Started business with cash ₹ 10,000.
(ii) Paid rent in Advance ₹ 300.
(iii) Purchased goods for cash ₹ 5,000 and credit ₹ 2,000.
(iv) Sold goods for cash ₹ 8,000 costing ₹ 4,000.
(v) Paid salary ₹ 450 and salary outstanding being ₹100.
(vi) Bought motorcycle for personal use ₹ 3,000.

Answer 1

Answer:

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Answer 2

Answer:

Accounting Equation = Assets + Liability + Capital

(i) Cash = Liability + Capital

= 10,000 = 0 + 10,000

= 10,000 = 10,000

(ii) Cash + Rent =  Liability + Capital

=(10,000 - 300) + 300 = 0 + 10,000

= 9,700 + 300 = 0 + 10,000

= 10,000 = 10,000

(iii) Cash + Rent + Goods =  Liability + Capital

= (9,700 - 5,000) + 300 + 7,000 = 2,000 + 10,000

= 4,700 + 300 + 7,000 = 2,000 + 10,000

=12,000 = 12,000

(iv) Cash + Rent + Goods =  Liability + Capital  

= (4,700 + 8,000)+ 300 + (7,000- 4,000)  = 2,000 + (10,000 + 4,000)

=12,700+ 300 + 3,000 = 2,000 + 14,000

=16,000 = 16,000

(v) Cash + Rent + Goods =  Liability + Capital  

=(12,700 - 450)+ 300 + 3,000 = (2,000 + 100) + (14,000-550)

=12,250+ 300 + 3,000 = 2,100 + 13,450

= 15,550 = 15,550

(vi) Cash + Rent + Goods =  Liability + Capital

=(12,250 - 3,000) + 300 + 3,000 = 2,100 + (13,450 - 3,000)

=9,250 +300 + 3,000 = 2,100 + 10,450

=12,550 = 12,550

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