Q.2. Show the accounting equation on the basis of the following transactions:
1. Mr. Shyam commenced business with cash Rs.1.20,000 and goods worth Rs.30.000
2. Borrowed Rs.75.000 from SBI @ 10% p.a.
3. Purchased plant and machinery for Rs.40,000.
4. Bought goods on credit from Mohan for Rs.20,000.
5. Sold goods on credit to Gopal for Rs.23,500.
6. Sold goods to Krishna for cash Rs.22.750.
7. Bought of Murlidhar Rs.35,750.
8. Supplied goods to Girdhar Rs.29.250.
9. Deposited cash into bank after living a balance of Rs.5.000 as cash in hand.
10. Repaid the first installment by cheque of Rs.15,000 to the SBI
Answers
Answer:
- cash A/C......Dr
- to sham capital a/C
- being started business 1,20,000 & 30,000
- 2. bank a/C.....DR
- to cash a/C
- being sbi cash for bank 75,000
.
. 3. plant and machinery a/C.....Dr
to cash a/C
being plant ..... purchased 40,000
4. sale a/C...dr
to Mohan a/C
being sale goods to mohan 20,000
5. gopal a/C.....dr
to sale a/C
being goods sale to gopal 23,500
6. cash a/C ......dr
to sale a/C
being sale goods to krishna 22,750
7. murlidhar a/C.....dr
to purchased a/C
being bought murlidhar 35,750
8.. Girdhar a/C.....dr
to sale a/C
being sale goods to Girdhar 20,250
9.. cash a/C.....dr
to bank a/C
being cash deposits 5,000
10...bank a/C .......dr
to cash a/C
(being paid by cheque in bank)15,000