Accountancy, asked by premshreshth853, 8 months ago

SHOW THE EFFECT OF THE FOLLOWING TRANSACTIONS ON THE ACCOUNTING EQUATION:(A) STARTED BUSINESS WITH CASH 1,00,000 AND MACHINERY 50,000 (B) PURCHASED GOODS FOR 50,000 FROM NARESH AND 20,000 FOR CASH (C) SOLD 50% OF THE GOODS AT A PROFIT OF 10%. (D) PAID SALARY 10,000 (E) INTEREST DUE BUT NOT PAID 20,000 (F) DEPRECIATE MACHINERY @10%

Answers

Answered by sean21
2

Answer:

A. cash ac dr 100000

machinary ac dr 50000

to capital ac cr 150000

B Good ac dr 70000

to naresh ac cr 50000

to cash ac cr 20000

C Sundry debtor ac dr 38500

to sales ac cr 38500

D salary ac dr 10000

to cash ac cr 10000

E interest ac dr 20000

to interest o/s ac cr 20000

F depreciation ac dr 5000

to machinery ac cr 5000

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Explanation:

A 50% of goods at profit of 10% calculation

  1. total good in stock = bought from naresh 50000 worth and bought in cash 20000 therefore total 70000

70000x 50% =35000

2. Profit of 10% calculation

35000 x 10% = 3500

therefore profit is 3500

3. hence total value of sale would be

cost + profit = sale

35000 + 3500 = 38500

B calculation of depreciation

cost 50000

less: depreciation@10% 5000

45000

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