1.

Show the accounting equation on the basis of the following transaction: (a) Udit started business with: Rs (i) Cash 5,00,000 (ii) Goods 1,00,000 (b) Purchased building for cash 2,00,000 (c) Purchased goods from Himani 50,000 (d) Sold goods to Ashu (Cost Rs 25,000) 36,000 (e) Paid insurance premium 3,000 (f) Rent outstanding 5,000 (g) Depreciation on building 8,000 (h) Cash withdrawn for personal use 20,000 (i) Rent received in advance 5,000 (j) Cash paid to Himani on account 20,000 (k) Cash received from Ashu 30,000

Answer»

Show the accounting equation on the basis of the following transaction:





















































































(a)



Udit started business with:



Rs





(i)



Cash



5,00,000





(ii)



Goods



1,00,000



(b)



Purchased building for cash



2,00,000



(c)



Purchased goods from Himani



50,000



(d)



Sold goods to Ashu (Cost Rs 25,000)



36,000



(e)



Paid insurance premium



3,000



(f)



Rent outstanding



5,000



(g)



Depreciation on building



8,000



(h)



Cash withdrawn for personal use



20,000



(i)



Rent received in advance



5,000



(j)



Cash paid to Himani on account



20,000



(k)



Cash received from Ashu



30,000









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