Question 11.
Show the effect of the following transactions on assets, liabilities and capital using the Accounting Equation. Also prepare a Balance Sheet:
(i) Started business with Cash ₹ 60,000
(ii) Rent Received ₹ 2,000
(iii) Accrued Interest ₹ 500
(iv) Commission received in advance ₹ 1,000
(v) Amount withdrawn ₹ 5,000
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The Accounting Equation and Balance Sheet are shown below:
Explanation:
The Accounting Equation and Balance Sheet are as:
You can learn more from here about Accounting Equation:
https://brainly.in/question/4635746
You can learn more from here about Balance Sheet:
https://brainly.in/question/9752805
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