The initial accounting equation of M/s Quick Traders as on 1 April,2019 is given below. You are required to state the impact of the following transactions on the accounting equation by writing the names of accounts affected and the direction of change. Also write down the FINAL EQUATION after considering the following transactions: (a) Furniture is purchased for the purpose of business by paying Rs.50,000 in cash. The remaining amount of Rs. 25,000 is to be paid later. (b) Goods of list price Rs. 1,00,000 are purchased from Nita. A discount of 5% was allowed by her as cash payment was made immediately by cheque. (c) On 1 January, annual rent of Rs. 60,000 was paid by cheque.
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