Show Accounting Equation on the basis of the following Transactions:-. (7)
a) Mr. Ajay started business with cash 80,000.
b) Purchased furniture for cash 4,000.
c) Purchased goods from Naveed store of 50,000
d) Sold goods to Rashid for cash for Rs. 28,000, costing Rs. 24000.
e) Open a bank account and deposited 20,000.
f) Sold goods for cash 15,000, which is 20% above cost.
g) Paid rent Rs. 8,000.
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Answer:
Prepare Accounting Equation from the following: (a) Started business with Cash ₹ 2,00,000. (b) Purchased goods for Cash ₹ 60,000 and on Credit ₹ 1,50,000. (c) Sold goods for Cash costing ₹ 40,000 at a profit of 20% and on Credit costing ₹ 72,000 at a profit of 25%.
Explanation:
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