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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
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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