Question

show the effect of the following transactions on assets liabilities and capital using the accounting equation 1)started business wid cass 60000 2) purchased goods 30000 3)1\3 of above goods were sold at a profit of 10% on cost and half of the payment is received in cash 4) accured intrest 500. give the solution of the problem

Answer 1

For 1st- capital a/c Cr-60000
cash a/c Dr- 60000
For 2nd- purchase a/c Dr_30000
cash a/c Cr-30000
if on credit then,
purchase a/c Dr-30000
creditor a/c Cr_30000
For 3rd-cash a/c Dr-5500
debtor a/c Dr-5500
sales a/c Cr-11000

For 4th- accrued interest a/c Dr-500
interest a/c Cr-500

Answer 2

Answer:

hope it's helpful for needers