Question

Q.1 Prepare a chart showing Analysis of the following transactions in a Tabular form according
to Traditional Approach:

1. Rajasaheb started business with cash ₹85,000.
2. Goods Purchased for cash ₹5,000.
3. Sold goods on credit worth ₹6,000.
Cash deposited into Bank of Maharashtra * 12,000.
5. Interest received ₹700 from Radhika.
Paid Rent ₹2,000 to landlord.
7. Bought goods on credit from Birajmohan ₹37,000.
8. Withdrew cash from bank ₹1,000 for personal use.
9. Purchased computer ₹9,000 for cash.
10. Paid Mobile bill (office) ₹500.
11. Sold old Mobile ₹2,000.
12. Received Rent ₹1,000 from tenant.​

Answer 1

Answer:

see this picture for answer

Answer 2

Equation will be-

• Liabilities plus equity equal assets in the accounting equation. The balance sheet and the income statement are two important financial statements where you may locate a company's assets, liabilities, and equity. The company's financial status is quickly summarised in these financial statements.
• The foundational component of the balance sheet and the fundamental tenet of accounting is the accounting equation. Making a balance sheet and checking to see if the assets and liabilities of the entire business are equal is helpful to the company. The double-entry accounting system is built on it.

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