Q.2) Show the accounting equation on the basis of the following transactions:
1 Dinaz Pastakia started business with cash Rs.50,000.
2 Purchased building for cash Rs.20,000.
3 Paid into bank Rs.10,000.
4 Sold goods for cash Rs.40,000 costing Rs.30.000.
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Answer:
1. Cash = +50,000
equity = +50,000
2. building /stock = +20,000
cash. = - 20,000
3. Bank/ creditors = - 10,000
cash. = - 10,000
4. stock = - 40,000
cash = +10,000
equity = +10,000
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