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Prepare accounting equation from the following: (a) Kunal started business with cash 2,50000 (b) He purchased furniture for cash 35,000 (c) He paid c (d) He purchases goods on credit40,000 (e) He sold goods (Costing 20,000) for cash 26,000 |
| Answer» SOLUTION :Asset = Cash2,39,000 + FURNITURE 35,000 + GOODS 20,000 = 2,94,000, Liabilities = Creditors 40,000 + CAPITAL 2,54,000= 2,94,000 | |