Question

Q9. Show the accounting equation on the basis of the following transactions and also
show the balance sheet.
4 marks
a) Started business with cash 60,000 and goods 30,000
b) Purchased goods for cash 40,000 and on credit 25,000
c) Goods costing 48,000 sold at a profit of 33 1/3%. Three fourth payment
received in cash.
d) Goods costing 20,000 sold at a loss so 5% out of which 12,000 received in
cash.
e) Paid rent 4000 and salary 6000
f) Received cash from debtors 15,000
g) Paid telephone bill amounting to 800.​

Answer 1

Answer:

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