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Rs. 90.000 lvil Purchased furniture from shyam for Rs. 15,000.prerpare accounting equation |
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Answer» (₹)1. Sandeep started business with Cash1,00,0002. Purchased FURNITURE for cash 5,0003. Purchased goods for cash 20,0004. Purchased goods on credit 36,0005. Paid for rent 7006. Goods costing ₹ 40,000 sold at a PROFIT of 20% for cash ANSWER:ACCOUNTING EQUATIONS. No. Transaction Assets = Liabilities + CapitalCash + Furniture + Stock = CREDITORS (i) Sandeep started business with cash 1,00,000 + 1,00,000 1,00,000 = + 1,00,000(II) Purchased furniture for cash –5,000 +5,000 95,000 + 5,000 = + 1,00,000(iii) Purchased goods for cash –20,000 +20,000 75,000 + 5,000 + 20,000 = + 1,00,000(iv) Purchased goods on credit +36,000 +36,000 75,000 + 5,000 + 56,000 = 36,000 + 1,00,000(v) Rent paid -700 –700 74,300 + 5,000 + 56,000 = 36,000 + 99,300(VI) Goods costing Rs 40,000 sold at a profit of 20% for cash +48,000 -40,000 +8,000 1,22,300 + 5,000 + 16,000 = 36,000 + 1,07,300 |
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