Question

que.8 Prepare accounting equation of Madanlal from the given transactions :
(1) Started business with cash Rs. 1,20,000
(ii) Advance Rent paid Rs. 1,000
(iii) Bought goods in cash Rs. 60,000
(iv) Bought goods in credit Rs. 40,000
(v) Cash sale Rs. 60,000 (cost price Rs. 40,000)
(vi) Paid salaries Rs. 1,000
(vii) Bought Scooter for personal use Rs. 10,000.​

Answer 1

Answer:

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