Question

Urgent pllzzzz
1. Prepare accounting equations on the basis of the following:
() Saleem started business with cash * 2,50,000.
(i) Borrowed cash 40,000 from bank.
(iii) Telephone bills paid in cash 3,000.
(iv) Saleem paid school fees of his son from the business ? 15,000.
(v) Repaid bank loan 30,000.
(vi) Purchased goods for cash * 22,000.
(vii) Repaid the balance of bank loan by borrowing equal amount from Jodhan.
(viii) Provide interest on capital 5,000.

Step by step solvation plz
Its urgent

Answer 1

Answer:

Started Business with cash 2,50,000 – – – 2,50,000

2,50,000 – – – 2,50,000

2 Borrowed cash from bank +40,000 – +40,000 –

2,90,000 – 40,000 2,50,000

3 Telephone bills paid in cash – 3,000 + – – 3,000

2,87,000 40,000 +24700

4 Paid school fess from business – 15,000 – – – – 15,000

2,72,000 40,000 2,32,000

5 Paid bank loan – 30,000 -30,000

2,42,000 10,000 2,32,000

6 Purchased goods for cash – 22,000 +22,000

Answer 2

Explanation:

Assets = 2,20,000 + 22,000 = 2,42,000/-

Liabilities = 10,000/-

Capital = 2,32,000/-

Liabilities  +Capital

10,000 + 2,32,000= 2,42,000/-

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