Question

this? If so, why?
Journal is a book of prime entry whereas ledger is a secondary record'. Explain.
Anand had the following transactions.
Started business with cash
40,000
I Purchased goods for cash
20,000
a) Purchased goods on credit
15,000
JM Machinery purchased
7.000
Paid to creditors
5,000
i) Withdrew cash for personal use
3,500
(vii) Sold goods (Cost 8,500) for cash
10,000
fill) Sold goods (Cost 3,500) on credit
5,000
fb) Additional capital introduced
10.000
Cash received from debtors
2,000
Use the accounting equation to show the effect of the above transactions on
Habilities and capital and show the final accounting equation.​

Answer 1

Explanation:

First money = 40000

goods = 20000

Now, amount = 40000 - 20000 = 20000

used cash for personal use = 3500

Now, amount = 20000 - 3500 = 16500

sold goods and profit = 10000 - 8500 = 1500+8500 = 10000

Now, amount = 16500 + 10000 = 26500

again, sold goods profit = 5000 - 3500 = 1500+3500 = 5000

Now, amount = 26500 + 5000 = 32000

afterwards I don't know

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