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Mr. Sampath started a retail business on 1 January 2024. The transactions that took place in the month of January 2024 are presented in accounting equation form as follows. No 1 2 3 4 5 Cash + Debtors + Office equipment + Furniture = Creditors (Rs) (Rs) (Rs) (Rs) (Rs) +1,000,000 -200,000 -250,000 -35,000 +350,000 -15,000 +250,000 +150,000 -35,000 You are required to describe each transaction together with their associated amounts. +Capital (Rs) +1,000,000 -15,000

Mr. Sampath started a retail business on 1 January 2024. The transactions that took place in the month of January 2024 are presented in accounting equation form as follows. No 1 2 3 4 5 Cash + Debtors + Office equipment + Furniture = Creditors (Rs) (Rs) (Rs) (Rs) (Rs) +1,000,000 -200,000 -250,000 -35,000 +350,000 -15,000 +250,000 +150,000 -35,000 You are required to describe each transaction together with their associated amounts. +Capital (Rs) +1,000,000 -15,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. Sampath started a retail business on 1 January 2024. The transactions that took place in the month of January 2024 are presented in accounting equation form as follows. No 1 2 3 4 5 Cash + Debtors Office equipment + Furniture = (Rs) (Rs) (Rs) (Rs) +1,000,000 -200,000 -250,000 -35,000 +350,000 -15,000 +250,000 Creditors (Rs) +150,000 -35,000 You are required to describe each transaction together with their associated amounts. + Capital (Rs) +1,000,000 -15,000
Transcribed Image Text:Mr. Sampath started a retail business on 1 January 2024. The transactions that took place in the month of January 2024 are presented in accounting equation form as follows. No 1 2 3 4 5 Cash + Debtors Office equipment + Furniture = (Rs) (Rs) (Rs) (Rs) +1,000,000 -200,000 -250,000 -35,000 +350,000 -15,000 +250,000 Creditors (Rs) +150,000 -35,000 You are required to describe each transaction together with their associated amounts. + Capital (Rs) +1,000,000 -15,000
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