Prepare an Accounting Equation for the following trasactions : (a) Started business with cash ₹ 50,000 and goods ₹ 30,000 . (b) Purchased goods for cash ₹ 30,000 and on credit from karan ₹ 20,000 . (c) Goods costing ₹ 40,000 were sold for ₹ 55,000 . (d) Withdrew cash for personal use ₹ 10,000 . (e) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20 %

Prepare an Accounting Equation for the following trasactions : (a) S

1.	Prepare an Accounting Equation for the following trasactions : (a) Started business with cash ₹ 50,000 and goods ₹ 30,000 . (b) Purchased goods for cash ₹ 30,000 and on credit from karan ₹ 20,000 . (c) Goods costing ₹ 40,000 were sold for ₹ 55,000 . (d) Withdrew cash for personal use ₹ 10,000 . (e) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20 %
Answer» Explanation:transaction 1 assets = liabilities +CAPITAL cash + furniture + stock CREDITORS 50,000 50,000 ------------------------------------------------------------------------------------------------------ 50,000 50,000 transaction 2 -6000 + 6000 ---------------------------------------------------------------------------------------------------- 44,000 + 6000 50,000 transaction 3 + 15000 15000 ---------------------------------------------------------------------------------------------------- 44,000 +6000 + 15000 = 15000 + 50,000 transaction 4 -4000 -5000 - 9,000 --------------------------------------------------------------------------------------------------- 40,000 + 6,000 + 10,000 = 15000 + 41000 --------------------------------------------------------------------------------------------------- transaction 5 +10,000 -8000 +2000 --------------------------------------------------------------------------------------------------- 50,000 + 6,000 + 2,000 = 15000 + 43,000 --------------------------------------------------------------------------------------------------- transaction 6 -10000 -10000 ----------------------------------------------------------------------------------------------------- 40000 + 6000 + 2000 = 5000 + 43,000 --------------------------------------------------------------------------------------------------- transaction 7 + 2000 +2000 --------------------------------------------------------------------------------------------------- 42000 + 6000 + 2000 = 5000 + 45000 --------------------------------------------------------------------------------------------------

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Tois question based GISTBasie Prodquet? Gust Sales SupplyАB 2200150800118.00 to 20018.001 300 Intre statoI istrustile12.00 lo1120 Istrestaleb.Tabb Trade Details (sales and purchaseJitems opening stat I purchased sold closingo0104803oa) find out belowgiveoQuestionsCGST ,SGST , LGST final balance?1. use different lable for saleand purchas drade.Neft profit from the trade?closing stock valuations ?

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