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Answers
Prepare an accounting equation -
(1) Started business with cash rs 50,000
Cash A/c dr 50,000
To Capital A/c 50,000
( being started business with cash )
(2) paid salary rs 5,000
Salary account dr 5,000
To cash A/c ....... 5,000
(being salary paid on cash )
(3) Rent outstanding 21,000
Rent A/c dr .21,000
To rent due A/c. 21,000
(being rent due )
(4) Accured interest rs 1500
Accured interest a/c dr 1500
To Interest A/c. ....... 1500
(being interest is accured )
(5)Interest on capital 2500rs
Interest on Capital A/c dr 2500
To Capital A/c. .......... 2500
(being interest paid on capital )
(6) Bought goods for cash rs 39000 and credit rs 50,000
Purchase a/c dr 89000
To cash A/c 39000
To creditors A/c 50,000
(being goods purchase on both cash and credit )
(7) Goods costing rs 10,000 sold @25% profit and out of 7,000 is received in cash
Cash A/c dr 7,000
Debtor A/c dr 5000
To profit & loss A/c 2500
To sales. .A/c. 10,000
(being goods sold @profit 25%)
(8) Purchase television for personal use rs2500
Drawings A/c dr 2500
To cash A/c 2500
(being television purchase for personal use )
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