Question

Question 15.
Prepare an Accounting Equation from the following :
(i) Started business with cash ₹ 50,000 and goods ₹ 30,000.
(ii) Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.
(iii) Goods costing ₹ 40,000 were Sold for ₹ 55,000.
(iv) Withdrew cash for personal use ₹ 10,000.
(v) Rent outstanding ₹ 2,000.

Answer 1

i) Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.

(iii) Goods costing ₹ 40,000 were Sold for ₹ 55,000.

(iv) Withdrew cash for personal use ₹ 10,000.

(v) Rent outstanding

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Answer 2

The accounting equation is shown below:

Explanation:

The accounting equation is as:

Working Note:

Profit on sale of goods = Sale value - Cost value

= Rs 55,000 - Rs 40,000

= Rs 15,000

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