Question

U 3(B). Prepare accounting equation from the following:
1. Commenced business with cash
1,00,000
2. Cash deposited into bank
60,000
3. Bought goods from X for 3 20,000 and paid 5,000 immediately
4. Sold goods for 20,000 for cash which costs 15,000.
5. Returned goods to X being defective 1,000
6. Borrowed loan 30,000 from bank
7. Paid wages 6,000 and wages still outstanding * 1,000
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Answer 1

Answer:

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