Question

Show an Accounting Equation for the following transactions:
(1) D. Mahapatra commenced business with cash 50,000 and + 1,00,000 by cheque; goods
* 60,000; machinery 1,00,000 and furniture 50,000.
(ii) 1/3rd of the above goods sold at a profit of 10% on cost and half of the payment is
received in cash.
(iii) Depreciation on machinery provided @ 10%.
(iv) Cash withdrawn for personal use 10,000.
(U) Interest on drawings charged @ 5%.
(vi) Goods sold to Gupta for 10,000 and received a Bill Receivable for the same amount
for 3 months,
(vii) Received 10,000 from Gupta against the Bills Receivable on its maturity.
Stock (goods) 30.000 + Machine​

Answer 1

Answer:

Note:

Rs.60,000 × 1/3 = Rs.20,000 × 110% = Rs.22,000

Half received in Cash = Rs.11,000