Question

prove that the accounting equation is satisfied in all the following transactions of rajaram
also prepare a balance sheet .

1. started business with cash rupees 1,20,000
2. purchased a typewriter for cash for rupees 8000 for office use
3. purchased goods for rupees 50000 for cash
4. purchased goods for rupees 40000 on credit
5. goods Costing rupees 60000 sold for rupees 80000 on credit.
6. paid for rent rupees 1500 and for salaries t
rupees 2000
7. received rupees 800 for commission.
8. withdrew for private use rupees 5000 in cash​

Answer 1

Explanation:

Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Also prepare a Balance Sheet:− 1. Started business with Cash ₹ 1,20,000. 2. Purchased a typewriter for Cash for ₹ 8,000 for office use. 3. Purchased goods for ₹ 50,000 for cash. 4. Purchased goods for ₹ 40,000 on credit. 5. Goods costing ₹ 60,000 sold for ₹ 80,000 on credit. 6. Paid for Rent ₹ 1,500 and for salaries ₹ 2,000. 7. Received ₹ 800 for Commission. 8. Withdrew for private use ₹ 5,000 in cash.?