Account Name: ACCOUNTS PAYABLE Account No. 210 Balance Date Particulars Post Debit Credit Debit Credit 81,900 Record credit purchases Record purchase returns Record amount paid Record purchases on account Record amount paid Jul-03 09 380 11 81,520 19 15,800 30 15,800

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is