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19. From the following transactions of Sumitra, prepare the accounting equations (1) Commenced business with bank balance 1,50,000.(i) Purchased goods worth 40.000 plus CGST 6% and SGST 6% from Amina(iii) Purchased goods worth 25,000 from other State plus 12% IGST through chequefiv) Purchased computer for 30,000 plus 9% CGST and 9% SGST paid by cheque(v) Sold goods costing 30,000 for 45,000 plus CGST 6% and SGST 6% against cheque(vi) Paid? 15,000 for repairs and maintenance of building plus 9% CGST and 9% SGST(vii) Paid ?6,000 for printing plus 9% CGST and 9% SGST.(viii) Sold goods nating ? 20,000 for 16,000 plus 6% CGST and 6% SGST. |
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Answer» S. No. Transaction Assets = Liabilities + CapitalCash + Furniture + Stock = Creditors (i) Sandeep started business with cash 1,00,000 + 1,00,000 1,00,000 = + 1,00,000(ii) Purchased furniture for cash –5,000 +5,000 95,000 + 5,000 = + 1,00,000(III) Purchased goods for cash –20,000 +20,000 75,000 + 5,000 + 20,000 = + 1,00,000(iv) Purchased goods on credit +36,000 +36,000 75,000 + 5,000 + 56,000 = 36,000 + 1,00,000(v) RENT paid -700 –700 74,300 + 5,000 + 56,000 = 36,000 + 99,300(vi) Goods COSTING Rs 40,000 SOLD at a profit of 20% for cash +48,000 -40,000 +8,000 1,22,300 + 5,000 + 16,000 = 36,000 + 1,07,300 Working Note:WN1 Calculation of Sale Price |
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