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Prepare an Accounting Equation on the basis of the following transactions:(i) Started business with cash ₹ 70,000.(ii) Credit purchase of goods ₹ 18,000.(iii) Payment made to creditors in full settlement ₹ 17,500.(iv) Purchase of machinery for cash ₹ 20,000.(v) Depreciation on machinery ₹ 2,000. |
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Answer» Prepare an Accounting Equation on the basis of the following transactions: (i) Started business with cash ₹ 70,000. (ii) Credit purchase of goods ₹ 18,000. (iii) Payment made to creditors in full settlement ₹ 17,500. (iv) Purchase of machinery for cash ₹ 20,000. (v) Depreciation on machinery ₹ 2,000. |
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