Question

Show an Accounting equation on the basis of following transaction-

(i) Started business with cash Rs.1,50,000
(ii) Proprietor sold his personal car for Rs.50,000 and deposited the amount in the firm's bank
account
(iii) He paid cartage Rs.5,00
(iv) Received rent from tenants Rs.1,000
(v) Invested in shares (Personal) Rs.50,000
(vi) Goods destroyed by fire. Rs. 500

This is 6 mark question
Plzz help

Answer 1

Answer:

1 cash a/c dr. 150000

To capitals a/c. 150000

( being business started with cash)

2 cash a/c dr. 50000

To firm' s bank a/c. 50000

( being cash deposited in firms bank a/c)

3 cartage a/c. dr. 500

To cash a/c 500

( being expenses paid)

4 cash a/c. dr. 1000

To rent received a/c. 1000

( being rent received)

6 loss on fire a/c dr. 500

To cash a/c. 500

( being goods destroyed by fire)

Explanation:

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