Show the effect of following transaction on the accounting equation:(a) Manoj started business with (i) Cash2,30,000 (ii) Goods 1,00,000 (iii) Building2,00,000 (b) He purchased goods for cash 50,000 (c) He sold goods (costing 20,000) 35,000 (d) He purchased goods from Rahul 55,000 (e) He sold goods to Varun (Costing 52,000)60,000 (f) He paid cash to Rahul in full settlement 53,000 (g) Salary paid by him20,000 (h) Rec eived cash from Varun in full settlement 59,000 (i) Rent outstanding 3,000 (j) Prepaid Insurance 2,000 (k) Commission received by him 13, 000 (l) Amount withdrawn by him for personal use 20,000 (m) Depreciation charge on building 10,000 (n) Fresh capital invested50,000 (o) Purchased goods from Rakhi 10,000

Show the effect of following transaction on the accounting equation:(a

1.	Show the effect of following transaction on the accounting equation:(a) Manoj started business with (i) Cash2,30,000 (ii) Goods 1,00,000 (iii) Building2,00,000 (b) He purchased goods for cash 50,000 (c) He sold goods (costing 20,000) 35,000 (d) He purchased goods from Rahul 55,000 (e) He sold goods to Varun (Costing 52,000)60,000 (f) He paid cash to Rahul in full settlement 53,000 (g) Salary paid by him20,000 (h) Rec eived cash from Varun in full settlement 59,000 (i) Rent outstanding 3,000 (j) Prepaid Insurance 2,000 (k) Commission received by him 13, 000 (l) Amount withdrawn by him for personal use 20,000 (m) Depreciation charge on building 10,000 (n) Fresh capital invested50,000 (o) Purchased goods from Rakhi 10,000
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = Cash 2,42,000 + Goods 1,43,000 +Building 1,90,000 Prepaid Insurouce 2,000 = 5,77,000, Liabilities = Outstanding Rent 3,000+ <a href="https://interviewquestions.tuteehub.com/tag/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a> 10,000 +Capital 5,64,000 = 5,77,000</body></html>

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