Question

Show the Accounting Equation on the basis of the following transactions :
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i. Shivam Started business
Cash 5,00,000
Goods 2,00,000
ii. He purchased machinery for cash 2,50,000
iii. He purchased goods from Ramesh 1,00,000
iv. He sold goods to Suresh (Cost `25,000) 30,000
v. Paid insurance premium 5,000
vi. Salary outstanding 10,000
vii. Depreciation of Machinery 25,000
viii. Interest on Capital 3,000
ix. Amount withdrawn for personal use 18,000
x. Interest on drawings 900
xi. Rent received in advance 1,500
xii. Cash paid to Ramesh 50,000
xiii. Cash received from Suresh 15,000

Answer 1

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Answer 2

Answer:

1. Assets increased by 700000 and capital increased by 700000

2. Assets increased by 250000 and Assets decreased by 250000

3. Expense increased by 100000 and liability increased by 100000

4. Assets increased by 30000 and revenue increased by 30000

5. Expense increased by 5000 and Assets decreased by 5000

6. Assets decreased by 10000 and liability increased by 10000