Draw an Accounting Equation on the basis of the following transactions:(i) Commenced business with cash ₹ 50,000, cheque ₹ 1,00,000, goods ₹ 30,000 and furniture ₹ 20,000.(ii) Car, personal asset of the proprietor, was sold for ₹ 1,00,000 against cheque which he deposited in his Savings Account.(iii) An amount of ₹ 50,000 was transferred from his Savings Account to the firm's Bank Account.(iv) A new car was purchased for ₹ 6,00,000 for office use. It was paid by taking loan from Bank of ₹ 5,00,000 and balance by issue of cheque from firm's Bank Account .(v) Sold goods to Ajay on credit costing ₹ 4,000 for ₹ 5,000.(vi) Sold goods for cash costing ₹ 12,000 for ₹ 16,000(vii) Purchased good for cash ₹ 40,000(viii) Purchased goods on credit for ₹ 20,000. (ix) Paid rent ₹ 3,000 including ₹ 2,000 in advance . (x) Paid salaries ₹ 2,000.(xi) Sold goods costing ₹ 8,000 for ₹ 10,000.(xii) Salaries outstanding ₹ 1,000.(xiii) Charge depreciation on furniture ₹500.

Draw an Accounting Equation on the basis of the following transactions

1.	Draw an Accounting Equation on the basis of the following transactions:(i) Commenced business with cash ₹ 50,000, cheque ₹ 1,00,000, goods ₹ 30,000 and furniture ₹ 20,000.(ii) Car, personal asset of the proprietor, was sold for ₹ 1,00,000 against cheque which he deposited in his Savings Account.(iii) An amount of ₹ 50,000 was transferred from his Savings Account to the firm's Bank Account.(iv) A new car was purchased for ₹ 6,00,000 for office use. It was paid by taking loan from Bank of ₹ 5,00,000 and balance by issue of cheque from firm's Bank Account .(v) Sold goods to Ajay on credit costing ₹ 4,000 for ₹ 5,000.(vi) Sold goods for cash costing ₹ 12,000 for ₹ 16,000(vii) Purchased good for cash ₹ 40,000(viii) Purchased goods on credit for ₹ 20,000. (ix) Paid rent ₹ 3,000 including ₹ 2,000 in advance . (x) Paid salaries ₹ 2,000.(xi) Sold goods costing ₹ 8,000 for ₹ 10,000.(xii) Salaries outstanding ₹ 1,000.(xiii) Charge depreciation on furniture ₹500.
Answer» Draw an Accounting Equation on the basis of the following transactions: (i) Commenced business with cash ₹ 50,000, cheque ₹ 1,00,000, goods ₹ 30,000 and furniture ₹ 20,000. (ii) Car, personal asset of the proprietor, was sold for ₹ 1,00,000 against cheque which he deposited in his Savings Account. (iii) An amount of ₹ 50,000 was transferred from his Savings Account to the firm's Bank Account. (iv) A new car was purchased for ₹ 6,00,000 for office use. It was paid by taking loan from Bank of ₹ 5,00,000 and balance by issue of cheque from firm's Bank Account . (v) Sold goods to Ajay on credit costing ₹ 4,000 for ₹ 5,000. (vi) Sold goods for cash costing ₹ 12,000 for ₹ 16,000 (vii) Purchased good for cash ₹ 40,000 (viii) Purchased goods on credit for ₹ 20,000. (ix) Paid rent ₹ 3,000 including ₹ 2,000 in advance . (x) Paid salaries ₹ 2,000. (xi) Sold goods costing ₹ 8,000 for ₹ 10,000. (xii) Salaries outstanding ₹ 1,000. (xiii) Charge depreciation on furniture ₹500.

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