Question

SA-5.
You are given the following transactions:
Started business with bank Rs.3,00,000 and Machinery Rs 1,00,000
ii. Purchased goods for Rs.1,00,000 from Shrijal
iii. Cash sales Rs 10,000
iv. Goods costing Rs.10,000 was sold for Rs.8,500 to Sita
v. Received cash Rs.7,650 after deducting discount @10%
vi. Cash withdrew from bank Rs 50,000.
Required: Accounting equation
Ans: Assets: Rs. 497,65​

Answer 1

1.  

Sandeep started business with Cash

1,00,000

2. Purchased furniture for cash 5,000

3. Purchased goods for cash 20,000

4. Purchased goods on credit 36,000

5. Paid for rent 700

6.  

Goods costing ₹ 40,000 sold at a profit of 20% for cash

 

ANSWER:

ACCOUNTING EQUATION

S. No. Transaction Assets = Liabilities + Capital

Cash + Furniture + Stock = Creditors    

(i) Sandeep started business with cash 1,00,000             + 1,00,000

   1,00,000         =   + 1,00,000

(ii) Purchased furniture for cash –5,000   +5,000            

   95,000 + 5,000     =   + 1,00,000

(iii) Purchased goods for cash –20,000       +20,000        

   75,000 + 5,000 + 20,000 =   + 1,00,000

(iv) Purchased goods on credit         +36,000   +36,000    

   75,000 + 5,000 + 56,000 = 36,000 + 1,00,000

(v) Rent paid -700               –700

   74,300 + 5,000 + 56,000 = 36,000 + 99,300

(vi) Goods costing Rs 40,000 sold at a profit of 20% for cash +48,000       -40,000       +8,000

   1,22,300 + 5,000 + 16,000 = 36,000 + 1,07,300

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