Question

What would be the effect of following transactions on various accounts while preparing Accounting Equation
a) Rakesh withdraws ₹ 12,000 for personal use
b) Paid ₹ 1,000 for rent and ₹ 5,000 salaries
c) Sold goods costing ₹ 2500 on credit for ₹ 4000.plz tell fast

Answer 1

Answer:

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Explanation:

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Answer 2

Thus we’ve Assets = Cash ₹ 1,60,000 + Goods ₹ 30,000 + Debtors ₹ 12,000 + Furniture ₹ 7,000 = ₹ 2,09,000

Liabilities = Creditors ₹ 7,000

Capital = ₹ 2,02,000

Assets ₹ 2,09,000 = Liabilities ₹ 7,000 + Capital ₹ 2,02,000