Question

show the account equation for the following transaction ​

Answer 1

Answer:

1) cash 75000

To capital 75000

2) stationary 1000

To cash 1000

3) mohan 6000

To purchase return 6000

4) radha 10000

To sales 10000

5) mobile 2000

to cash 2000

6) cash 20000

discount 5000

to sale 25000

7) salary 2500

To cash 2500

Explanation:

in first journal entry

cash is asset

mr manhor is capital because money invested by owner in his business is termed as capital

in second journal entry

stationary is asset

and cash is also asset but, cash is goes out

in third journal entry

mohan is asset

purchase return because we have to brought that goods from mohan so, we know that purchase return is credited all the time

in fourth journal entry

radha is asset

we have to use sale whenever goods are sold

so sales is credited

in fifth journal entry

mobile is asset

and cash is goes out means cash is credited

in sixth journal entry

cash is debited

discount is also debited because we have toh received profit

and sale is credited

in seventh journal entry

salary is debited

cash is credited because we have to pay