Question

Show the accounting equation on the basis of the following transactions
Mr. Kumar commenced business with cash 50,000
Paid salary 1,200.
Purchased furniture 5,000
Purchased goods from Rakesh for cash 7,500
Sold goods to Shyam costing 13,000.
Paid Rent 500.

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Answer 1

Answer:

1.cash account dr.50000

to capital account 50000

2. salary account Dr. 1200

to cash account 1200

3. furniture account Dr. 5000

to cash account 5000

4. purchase account dr.7500

to cash account 7500

5. Shyam account dr. 13000

to sales 13000

6. rent account dr.500

to cash account 500