Question

Show the effect of following transaction on the accounting equation:












Rs





(a)



Manoj started business with













(i) Cash



2,30,000









(ii) Goods



1,00,000









(iii) Building



2,00,000





(b)



He purchased goods for cash



50,000





(c)



He sold goods(costing Rs 20,000)



35,000





(d)



He purchased goods from Rahul



55,000





(e)



He sold goods to Varun (Costing Rs 52,000)



60,000





(f)



He paid cash to Rahul in full settlement



53,000





(g)



Salary paid by him



20,000





(h)



Received cash from Varun in full settlement



59,000





(i)



Rent outstanding



3,000





(j)



Prepaid Insurance



2,000





(k)



Commission received by him



13,000





(l)



Amount withdrawn by him for personal use



20,000





(m)



Depreciation charge on building



10,000





(n)



Fresh capital invested



50,000





(o)



Purchased goods from Rakhi



6,000

Answer 1

HEY.

U R ANSWER ♠....

1 CASH AC DR
GOODS AC DR
BUILDING AC DR
TO MANOJ CAPITAL AC

2. PURCHASE AC DR
TO CASH AC

3. CASH AC DR
TO SALES AC

4. RAHUL AC DR
TO DISCOUNT AC
TO CASH AC

5. SALARY AC DR
TO CASH AC

6. CASH AC DR
DISCOUNT AC DR
TO VARUN AC

7. RENT AC DR
TO CASH AC

8. PREPAID INSURANCE IS A ASSET OF BUSINESS
CASH AC DR
TO INSURANCE AC

9. CASH AC DR
TO COMMISSION AC

10. DRAWING AC DR
TO CASH AC

11. DEPRECIATION AC DR
TO CASH AC

12. CASH AC DR
TO CAPITAL AC

13 PURCHASE AC DR
TO RAKHI AC ....


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