Question

[Rs. 121,000)
Show the effects of following transactions on the Accounting Equation;
(a). Mr. Naeem started business with cash Rs. 2,00,000
(b) He purchased furniture for Rs. 10,000
(c) He purchased goods worth Rs. 50,000 for cash
(d) He purchased goods worth Rs. 30,000 on credit
(e) He bought office equipment for Rs. 15,000
(1) He sold goods for Rs. 30,000 costing Rs. 25,000
(g) He sold goods to Saleem for Rs. 20,000 costing Rs. 17,000 on credit basis
(h) He withdrew cash Rs. 3,000 for his personal use
(i) He made additions investment in cash Rs. 15,000
(i) Cash paid to creditors Rs. 25,000
(k) Cash received from Saleem Rs. 15,000
(1) He paid salaries Rs. 3,000
(m) He paid rent of building Rs. 2,000.​

Answer 1

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