Prove that the accounting equation is satisfied in the following transactions Brij Mohan Commenced business with cash ₹ 1,00,000
Prove that the accounting equation is satisfied in the following transactions:-
| 1 | Brij Mohan Commenced business with cash | 1,00,000 |
| 2 | Bought goods for cash | 60,000 |
| 3 | 1/3rd of the above goods sold at a profit of 20% on cost. Half the payment received in cash | |
| 4 | Purchased typewriter for office use. | 15,000 |
| 5 | Purchased goods on credit from X | 25,000 |
| 6 | Paid to X | 15,000 |
| 7 | Paid Salary | 3,000 |
| 8 | Received Commission | 500 |
| 9 | Sold goods for Cash (Cost ₹ 50,000) | 60,000 |
[Ans. Assets : Cash ₹ 79,500 + Stock ₹ 15,000 + Debtors ₹ 12,000 + Typewriter ₹ 15,000 = Liabilities : Creditors (X) ₹ 10,000 + Capital ₹ 1,11,500.]
Anurag Pathak Answered question June 5, 2024
