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Show an Accounting Equation for the following transactions:(i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.(ii) 1/3rd of above goods sold at a profit of 10% on cost and half of the payment is received in cash.(iii) Depreciation on machinery provided 10%.(iv) Cash withdrawn for personal use ₹ 10,000.(v) Interest on drawings charged 5%.(vi) Goods Sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months.(vii) Received ₹ 10,000 from Gupta against the Bills Receivable on its maturity. |
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Answer» Show an Accounting Equation for the following transactions: (i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000. (ii) 1/3rd of above goods sold at a profit of 10% on cost and half of the payment is received in cash. (iii) Depreciation on machinery provided 10%. (iv) Cash withdrawn for personal use ₹ 10,000. (v) Interest on drawings charged 5%. (vi) Goods Sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months. (vii) Received ₹ 10,000 from Gupta against the Bills Receivable on its maturity. |
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