Question

Show the accounting equation on the basis of following transactions: (6)
a. Commenced business with Cash Rs. 40000, Goods Rs.50000 and Plant Rs. 30000.
b. Purchased goods from Gopal on credit Rs.40000
c. Sold goods for cash Rs. 50000( Costing Rs. 40000)and half of the payment received in cash
d. Depreciate plant by 10%
e. Salary outstanding Rs. 50
f. Rent paid Rs. 500
g. Goods sold to Gupta for Rs.10000 and received a Bill Receivable for the same amount for 3 months.
h. Received Rs.10000 from Gupta against the Bills Receivable on its maturity.

Answer 1

Answer:

a. cash a/c Dr. 40000

purchase a/c Dr.50000

plant a/c Dr. 30000

To Capital a/c 110000

b.Purchase a/c Dr. 40000

To Gopal 40000