Question

Show the accounting equation on the basis of the following transactions:

Amount (₹)

i. Ram started business with cash 70,000

ii. Purchased goods on Credit 14,000

iii. Withdraw for private use 1,700

iv. Purchased goods for cash 10,000

v. Paid wages 300

vi. Paid to creditors 10,000

vii. Sold goods for cash (Cost price ₹ 3,000) 4,000

viii. Purchased furniture for cash​

Answer 1

Answer:

(I)ram started for private use ,70,000