Show the accounting equation on the basis of the following transactions and present a Balance Sheet of the last new equation balance
Show the accounting equation on the basis of the following transactions and present a Balance Sheet of the last new equation balance:
[Ans. Assets: Cash ₹ 51,500 + Stock ₹ 6,000 + Debtors ₹ 15,000 + Furniture ₹ 500 = Liabilities : Creditors ₹ 4,000 + Capital ₹ 69,000; Balance Sheet Total ₹ 73,000.]
1 | Mohan commenced business with cash | 70,000 |
2 | Purchased goods on credit | 14,000 |
3 | withdrew for private use | 1,700 |
4 | Purchased goods for cash | 10,000 |
5 | Paid wages | 300 |
6 | Paid to Creditors | 10,000 |
7 | Sold goods on Credit at par | 15,000 |
8 | Sold goods for Cash (Cost price was ₹ 3,000) | 4,000 |
9 | Purchased furniture for cash | 500 |
Anurag Pathak Answered question June 5, 2024