Question

Show the accounting equation on the basis of the following transactions & also show the
Balance Sheet.
1. Started the business with Cash ₹80,000; Goods ₹30,000; Furniture ₹40,000.
2. Purchased goods on credit from Nidi, ₹15,000 and on cash from Meera ₹10,000.
3. Bought a refrigerator for personal use ₹5,000.
4. Goods costing ₹6,000 sold at the loss of 10% out of which ₹2,000 received in cash.
5. Received cash from debtor ₹3,200 in full settlement .
6. Sold goods for cash ₹5,000.
7. Introduced fresh capital ₹1,00,000.
8. Rent outstanding ₹5,000.
9. Accrued interest ₹10,000.

Answer 1

Here is the answer in image.

Answer 2

Explanation:

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