Accountancy, asked by luckyraj7557, 1 year ago

Show the accounting equation on the basic of the following transactions (i) Started business with cash Rs 6,00,000 and goods Rs 3,00,000. (ii) Purchased goods for cash Rs 4,00,000 and on credit Rs 2,50,000. (iii) Goods costing Rs 4,80,000 sold at a profit of 33%. Three-fourth payment received in cash. (iv) Goods costing Rs 2,00,000 sold at a loss of 5%, out of which Rs 1,20,000 received in cash. (v) Paid rent Rs 40,000 and salary Rs 60,000. (vi) Received cash from debtors Rs 1,50,000. (vii) Paid telephone bill amounting to Rs 8,000.

Answers

Answered by binodsingha
7
1.cash a/c dr 600,000
stock a/c dr 300,000
to capital a/c 900,000
(Being business started with cash and stock)
2.purchase a/c dr 650,000
to cash 400,000
to creditor a/c 250,000
(Being purchase goods)
3.cash a/c dr 478,800
debtor a/c dr 159,600
to sales a/c 638,400
(Being sold goods @33% profit and three fourth payment received in cash)
4.cash a/c dr 120,000
debtor a/c dr 70,000
to sales 190,000
(Being sold goods @5% loss)
5.rent a/c dr 40,000
salary a/c dr 60,000
to bank a/c 100,000
(Being rent and salary paid)
6.cash a/c dr 150,000
to debtors a/c 150,000
(Being cash received from debtors)

7.telephone bill a/c dr 8000
to cash a/c 8000
(Being telephone bill paid)


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