Draw an Accounting Equation from the following Commenced business with cash 50,000, cheque 1,00,000, goods ? 30,000 - furniture ? 20.000. (ii) Car, personal asset of the proprietor, was sold for ? 1,00,000 against cheque which t deposited in his Savings Account. (ii) An amount of 50,000 was transferred from his Savings Account to the firm's Bank Account. A new car was purchased for ? 6.00,000 for office use. It was paid by taking loan from Bank of 5,00,000 and balance by issue of cheque from firm's Bank Account. un Sold goods to Ajay on credit costing ? 4,000 for ? 5.000. (t Sold goods for cash costing 12.000 for ? 16,000. (en) Purchased goods for cash ? 40,000. ( Purchased goods on credit for t 20.000. (Ix) Pand rent ? 3.000 including ? 2.000 in advance. x Paid salaries 2,000. (x) Sold goods costing ? 8,000 for ? 10,000. (x) Salaries outstanding ? 1,000. Lxi) Charge depreciation on furniture ? 500. |ANsets: ? 7,73,500 Liabilities: 5,21,000 + Capital: 2,62,500

Draw an Accounting Equation from the following Commenced business with cash 50,000, cheque 1,00,000, goods ? 30,000 - furniture ? 20.000. (ii) Car, personal asset of the proprietor, was sold for ? 1,00,000 against cheque which t deposited in his Savings Account. (ii) An amount of 50,000 was transferred from his Savings Account to the firm's Bank Account. A new car was purchased for ? 6.00,000 for office use. It was paid by taking loan from Bank of 5,00,000 and balance by issue of cheque from firm's Bank Account. un Sold goods to Ajay on credit costing ? 4,000 for ? 5.000. (t Sold goods for cash costing 12.000 for ? 16,000. (en) Purchased goods for cash ? 40,000. ( Purchased goods on credit for t 20.000. (Ix) Pand rent ? 3.000 including ? 2.000 in advance. x Paid salaries 2,000. (x) Sold goods costing ? 8,000 for ? 10,000. (x) Salaries outstanding ? 1,000. Lxi) Charge depreciation on furniture ? 500. |ANsets: ? 7,73,500 Liabilities: 5,21,000 + Capital: 2,62,500

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Description: Draw an Accounting Equation from the following transactions:) Commenced business with cash ? 50,000, cheque 1,00,000, goods ? 30,000 a-,furniture ? 20.000.(ti) Car, personal asset of the proprietor, was sold for ? 1,00,000 against cheque which hdepo

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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