Question

Show the effect of following transactions on the accounting equations and
prepare balance sheet at the end :
(1) Surveen commenced business with cash 60,000 and stock 30,000.
(u) Purchased goods for cash 30,00 and on credit 15,000.
(111) Sold goods (costing 16,000) for 14,000 in cash.
(iv) Sold goods (costing 12,000) for 15,000 on credit.
(v) Goods donated for Leh Ladakh residents 7,000.
(vi) Goods withdrawn by Surveen for personal use 9,500.​

Answer 1

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