Question

State the meaning of business transaction. How is Office Machine purchased for cash for
Rs.13,500/- shown in Accounting Equation?

Answer 1

Answer:

A business transaction is an economic event with a third party that is recorded in an organization's accounting system. Such a transaction must be measurable in money. Examples of business transactions are:

Buying insurance from an insurer

Buying inventory from a supplier

Selling goods to a customer for cash

Selling goods to a customer on credit

Paying wages to employees

Obtaining a loan from a lender

Selling shares to an investor

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