Show the accounting equation on the basis of following transactions. Commenced business with Cash ₹ 20,000; Goods ₹ 50,000 and Furniture ₹ 30,000

Show the accounting equation on the basis of following transactions:

(I) Commenced business with Cash ₹ 20,000; Goods ₹ 50,000 and Furniture ₹ 30,000.

(ii) Purchased goods from Gopal on Credit ₹ 40,000.

(iii) Sold goods for Cash ₹ 40,000 (Costing ₹ 30,000).

(iv) Sold goods to Ram on Credit ₹ 65,000 (Costing ₹ 50,000).

(v) Withdrew for personal use goods costing ₹ 5,000.

(vi) Purchased typewriter for personal use of the proprietor ₹ 20,000.

(vii) Purchased chairs for office use for cash ₹ 10,000.

(viii) Paid for printing ₹ 500 and received Commission ₹ 1,200.

(ix) Introduced fresh Capital ₹ 40,000.

(x) Paid to Gopal ₹ 30,000.

[Ans. Assets : Cash ₹ 40,700 + Stock ₹ 5,000 + Furniture ₹ 40,000 + Debtors ₹ 65,000 = Liabilities : Creditors ₹ 10,000 + Capital ₹ 1,40,700.]