Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances: Manu started business with cash 50,000
Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances: Manu started business with cash 50,000
[Ans. Assets : Cash ₹ 48,100 + Furniture ₹ 500 + Stock ₹ 4,500 = Liabilities: Creditors ₹ 3,600 + Capital ₹ 49,500; Balance Sheet Total ₹ 53,100.]
| (I) | Manu started business with cash | 50,000 |
| (ii) | Bought furniture for | 500 |
| (iii) | Purchased goods on credit | 4,000 |
| (iv) | Sold goods on cash (cost ₹ 500) for | 700 |
| (v) | Received Rent | 200 |
| (vi) | Purchased goods for cash | 1,000 |
| (vii) | withdrew for personal use | 700 |
| (viii) | Paid to Creditors | 400 |
| (ix) | Paid for salaries | 200 |
Anurag Pathak Answered question June 5, 2024
