Question

Show the impact of following transactions on the Accounting Equation and check
whether the equation remains balanced or not:
1. Ramesh commences business with 1,10,000.
2. Purchased machinery for 60,000.
3. Purchased furniture for 8,000.
4. Purchased goods for 10,000 on cash.
5. Purchased goods for 15,000 on credit from M/s Kamal Traders.
6. Sold goods for cash *18,000 costing 13,500.
7. Paid wages 2,500.
8. Paid 7,500 to M/s Kamal Traders on account.
9. Paid insurance premium 800.​

Answer 1

Answer:

1 business purchase a/c dr.110000.

to cash a/c 110000

2 machinery a/c dr 60000

to bank a/c 60000

3 furniture a/c dr.8000

to bank a/c dr 8000

4 goods a/c dr.10000

to cash a/c 10000

5 purchase a/c dr.15000

to m/s kamal traders 15000

6 goods a/c dr. 18000

cash a/c. dr. 13500

to sales a/c 31500

7 wages a/c 2500

to cash a/c 2500

8 M/s kamal traders a/c 7500

to cash a/c. 7500

9 insurance premium a/c 800

to cash a/c 800

:

Explanation:

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