Question

Vijay had undertaken the following transactions during the year 2005-06. Prepare an accounting equation to show the effect on his assets, liabilities and capital : (a) Started business with cash Rs 2,30,000 (b) Purchased goods for cash Rs 40,000 and on credit Rs 30,000 (c) Purchased a television for personal use worth Rs 16,000. (d) Sold goods for cash Rs 24,000 (costing Rs 17,000). (e) Received commission Rs 4,300. (f) Stationery and postage expenses paid Rs 1,000. (g) Cash payment made for household expenses Rs 21,000. (h) Paid to Creditors Rs 19,500

Answer 1

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