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Show the accounting equation on the basis of the following transactions and present a Balance Sheet of the last new equation balance:
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
[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.]
Anurag Pathak Answered question June 5, 2024
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