Question

Q20 Anil had the following transactions:
i. Commenced business with cash . 1, 00,000 of which he deposited. 60,000
in bank.
ii. Bought goods for cash 30,000 and on credit 40,000.
iii. Purchased a machine for 2, 00,000 by raising loan from P.N.B Bank, Hisar.
iv. Sold goods costing 20,000 @ a profit of 20% on the cost to Mohan on credit.
v. Took goods of 5,000 and cash 4,000 for personal use.
vi. Paid interest on loan 4,000 and installment of bank loan 20,000 by cheque.
vii. The commission received in advance 8,000
viii. Paid 20,000 to a creditor by cheque.
ix. Mohan settled his account at a discount of 500
x. Charge depreciation on machine @10% for the whole year.
Use the accounting equation to show the effect of the above transactions.

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