Question

Q7. Prepare Accounting Equation for the following :- 1. Started business with cash Rs. 100000 and Goods Rs. 30000. 2. Bought furniture on for cash Rs. 20000. 3. Accrued interest Rs. 5000. 4. Paid rent in advance Rs. 3000. 5. Bought motorcycle for personal use Rs. 2000. 6. Sold goods for cash costing Rs. 5000 and on credit costing Rs. 15000 both at a profit of 20%. 7. Commission received in advance Rs. 10000. 8. Goods sold to Mr. Z for Rs. 5000 and received a Bill receivable for the same amount for 2 months. 9. Gopal withdrew from business Rs. 3000. 10. Interest due but not paid Rs. 200.​

Answer 1

Answer:

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Answer 2

Answer:

1. cash + 1,00,000 goods + 30,000 capital + 1,30,000

2.furniture + 20,000 cash - 20,000