Question

Show that accounting equation is satisfied in the following cases :-

(i) Ram commenced business with cash Rs. 50,000 and goods Rs. 30,000.

(ii) Sold 40% of above goods at a profit of 25% to Mohan.

(iii)Paid salary Rs. 4,000 but Rs. 1,000 still remains unpaid.

(iv)Paid insurance premium Rs. 2,000 of which Rs. 500 relates to next year.

(v) Goods costing Rs. 2,000 was distributed as free samples

(vi)Goods worth Rs. 3,000 was withdrawn by Ram for personal use

(vii) Interest on capital allowed Rs. 5,000

(viii) Mohan paid Rs. 13,000 in full settlement of his account.

(ix)Interest earned of Rs. 4,000 out of which 1000 not yet received.​

Answer 1

Explanation:

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