Question 14.
Raghunath had the following transactions in an accounting year:
(i) Commenced business with cash ₹ 50,000.
(ii) Paid in to bank ₹ 10,000.
(iii) Purchased goods for Cash ₹ 20,000 and Credit ₹30,000.
(iv) Sold goods for Cash ₹ 40,000 Costing ₹ 30,000.
(v) Rent paid ₹ 500.
(vi) Rent Outstanding ₹ 100.
(vii) Bought furniture ₹5,000 on credit.
(viii) Bought refrigerator for personal use ₹ 5,000.
(ix) Purchased motorcycle for cash ₹ 20,000.
Create an Accounting Equations to show the effect of the above transaction on his assets, liabilities and capital and also show his final Balance Sheet.
Answers
Answer:
sorry it's not possible to get answer bcz long question
Answer:
Explanation:
ACCOUNTING EQUATION
- Commencement of bussiness by Raghunath = Cash 50000 + bank + stock + furniture + motorcycle = cr. + outstanding + capital 50000
2. Amount deposited = Cash (10000) + bank10000 + stock + furniture + motorcycle = cr. + outstanding + capital
3. Goods purchased =Cash (20000) + bank + stock 20000 and (30000 )+ furniture + motorcycle = cr.30000 outstanding + capital
4.Goods sold =Cash40000 + bank + stock (30000)+ furniture + motorcycle = cr. outstanding + capital 10000
5. Paid rent =Cash (500)+ bank + stock + furniture + motorcycle = cr. outstanding + capital (500)
6. Outstanding rent = Cash + bank + stock + furniture + motorcycle = cr. outstanding100 + capital (100)
7. furniture purchased =Cash + bank + stock + furniture5000 + motorcycle = cr. 5000 +outstanding + capital
8. Purchased refrigerator =Cash (5000) + bank + stock + furniture + motorcycle = cr. outstanding + capital (5000)
9.Purchased motocycle =Cash(20000) + bank + stock + furniture + motorcycle20000 = cr. outstanding + capital
Assets = 89500
liabilities = 35100
capital = 54400