Question

Question 18.
Create an Accounting Equation on the basis of the following transactions:
i. Commenced business with cash Rs.50,000, goods Rs.30,000 and furniture Rs.20,000.
ii. Sold goods to Ajay on credit costing Rs.4,000 for Rs.5,000.
iii. Sold goods for cash costing Rs.12,000 for Rs.16,000.
iv. Purchased goods for cash Rs.40,000.
v. Purchased goods on credit for Rs.20,000.
vi. Paid rent Rs.3,000 including Rs.2,000 in advance.
vii. Paid salaries Rs.2000.
viii. Sold goods costing Rs.8,000 for Rs.10,000.
ix. Salaries outstanding Rs.1,000.​

Answer 1

Answer:

paid salaries is 10,000