Question

Rohit has the following transactions:





Rs

(a)

Commenced business with cash

1,50,000

(b)

Purchased machinery on credit

40,000

(c)

Purchased goods for cash

20,000

(d)

Purchased car for personal use

80,000

(e)

Paid to creditors in full settlement

38,000

(f)

Sold goods for cash costing Rs 5,000

4,500

(g)

Paid rent

1,000

(h)

Commission received in advance

2,000



Prepare the Accounting Equation to show the effect of the above transactions on the assets, liabilities and capital.

Answer 1

asset =cash+stock +machinery
= 16000+15500+40000
=71500
liabilities +capital +accrued commission
=67500+2000+2000
=71500

Answer 2

Answer:

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