Question

Q.3. Give the accounting equation for the following transactions. 1) Mr. Rajesh chavan started business with cash 70,000. 2) Purchased goods from Sanjay on credit 20,000. 3) Purchased furniture for cash 5,000 4) Sold goods to Rashmi worth 2,000. 5) Received Interest 300. 6) Paid for Rent 800. 7) Mr. Rajesh Chavan withdrew Cash 5,000 personal use. 8) Paid to Sanjay on account 10,000. 9) Sold goods of 3,000 at 3,500. 10) Received from Rashmi 2000.​

Answer 1

Assets = liabilities + Capital50000+12000+9500+0+2000+500 = 1500+0+9500+100+1000 .

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