Prepare the Accounting Equation from the followingtransactios :1. Sachinstarted business and introducedcapital ₹70,000. 2. Purchased goods in cash ₹50,000. 3. Purcahsed funiture form M/s SamratFurniture ₹20,000. 5. Paid M/s Samrat Furniturein cash.

Prepare the Accounting Equation from the followingtransactios :1. Sach

1.	Prepare the Accounting Equation from the followingtransactios :1. Sachinstarted business and introducedcapital ₹70,000. 2. Purchased goods in cash ₹50,000. 3. Purcahsed funiture form M/s SamratFurniture ₹20,000. 5. Paid M/s Samrat Furniturein cash.
Answer» Solution : Note : 1 The transactionwithM/sSamart Furniture (₹ 20,000)is a credittransaction SINCE it is notstated to becash payment. 2. Sale of goods have resultedin a PROFITOF ₹10,000. It has been ADDED to capitalbecausenet profitat theyear endis transferredto CAPITALACCOUNT.

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Prepare the Accounting Equation from the followingtransactios :1. Sachinstarted business and introducedcapital ₹70,000. 2. Purchased goods in cash ₹50,000. 3. Purcahsed funiture form M/s SamratFurniture ₹20,000. 5. Paid M/s Samrat Furniturein cash.

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