Show the accounting equation on the basis of the following transaction: (a) Udit started business with: (i) Cash5,00,000 (ii) Goods 1,00,000 (b) Purchased building for cash2, 00,000 (c) Purchased goods from Himani 50,000 (d) Sold goods to Ashu (Cost 25,000)36, 000 (e) Paid insurance premium 3,000 (f) Rent outstanding5,000 (g) Depreciation on building 8,000 (h) Cash withdrawn for personal use 20,000 (i) Rent received in advance5,000 (j) Cash paid to himanion account20,000 (k) Cash received from Ashu 30,000

Show the accounting equation on the basis of the following transaction

1.	Show the accounting equation on the basis of the following transaction: (a) Udit started business with: (i) Cash5,00,000 (ii) Goods 1,00,000 (b) Purchased building for cash2, 00,000 (c) Purchased goods from Himani 50,000 (d) Sold goods to Ashu (Cost 25,000)36, 000 (e) Paid insurance premium 3,000 (f) Rent outstanding5,000 (g) Depreciation on building 8,000 (h) Cash withdrawn for personal use 20,000 (i) Rent received in advance5,000 (j) Cash paid to himanion account20,000 (k) Cash received from Ashu 30,000
Answer» SOLUTION : Assets = Cash 2,92,000 + GOODS 1,25,000 + Building 1,92,000 + Debtors6,000= 6,15,000: Laibilities = Creditors 30,000 + OUTSTANDING Rent5,000 +Account receiavable 5,000+ CAPITAL 5,75,000 = 6,15,000

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