Question

Rs. 1,000; Liabilities = Outstanding salary Rs. 2,000
6. Show the accounting equation on the basis of the following transaction:
(a) Udit started business with:
Rs. 5,00,000
(1) Cash
Rs. 1,00,000
(11) Goods
Rs. 2,00,000
(b) Purchased building for cash
Rs. 50,000
(C) Purchased goods from Himani
Rs. 36,000
(d) Sold goods to Ashu (Cost Rs. 25,000)
Rs. 3,000
(e) Paid insurance premium
Rs. 5,000
(1) Rent outstanding
Rs. 8,000
(g) Depreciation on building
(h) Cash withdrawn for personal use
Rs. 20,000
(i) Rent received in advance
Rs. 5,000
(i) Cash paid to himani on account
Rs. 20,000
(k) Cash received from Ashu
Rs. 30,000
(Ans: Assets = Cash Rs. 2,92,000 + Goods Rs. 1,25,000 + Building
Rs. 1,92,000 + Debtors Rs. 6,000 = 6,15,000: Laibilities = Creditors
Rs. 30,000 + Outstanding Rent Rs. 5,000 + Accounts receiavable Rs. 5,000+
Capital Rs. 5,75,000 = Rs. 6,15,000)​

Answer 1

. 1,000; Liabilities = Outstanding salary Rs. 2,000

6. Show the accounting equation on the basis of the following transaction:

(a) Udit started business with:

Rs. 5,00,000

(1) Cash

Rs. 1,00,000

(11) Goods

Rs. 2,00,000

(b) Purchased building for cash

Rs. 50,000

(C) Purchased goods from Himani

Rs. 36,000

(d) Sold goods to Ashu (Cost Rs. 25,000)

Rs. 3,000

(e) Paid insurance premium

Rs. 5,000

(1) Rent outstanding

Rs. 8,000

(g) Depreciation on building

(h) Cash withdrawn for personal use

Rs. 20,000

(i) Rent received in advance

Rs. 5,000

(i) Cash paid to himani on account

Rs. 20,000

(k) Cash received from Ashu

Rs. 30,000

(Ans: Assets = Cash Rs. 2,92,000 + Goods Rs. 1,25,000 + Building

Rs. 1,92,000 + Debtors Rs. 6,000 = 6,15,000: Laibilities = Creditors

Rs. 30,000 + Outstanding Rent Rs. 5,000 + Accounts receiavable Rs. 5,000+

Capital Rs. 5,75,000 = Rs.