Use Accounting Equation to show the effect of the following transactions of M/s Royal Traders
Use Accounting Equation to show the effect of the following transactions of M/s Royal Traders.
[Ans. Assets : Cash ₹ 1,22,700 + Stock ₹ 4,500 = Liabilities : Outstanding Exp. ₹ 2,000 + Capital ₹ 1,25,200.]
| (a) | Started business with cash | 1,20,000 |
| (b) | Purchased goods for cash | 10,000 |
| (c) | Rent Received | 5,000 |
| (d) | Salary outstanding | 2,000 |
| (e) | Received interest | 700 |
| (f) | Sold goods for cash (costing ₹ 5,000) | 7,000 |
| (g) | Goods destroyed by fire | 500 |
Anurag Pathak Answered question June 5, 2024
