On 1-1-2020, Mr. A started his business (as A. Enterprises) of dealing in televisions by investing Rs. 500000 in cash from his personal sources. The other transactions relating to first month of his business were as under: 3-1-2020, borrowed an interest free loan of Rs. 50000 from MCB. 5-1-2020, purchased computer from Fine Computers for Rs. 30000 and paid cash Rs. 20000 while the balance will be paid after 10 days from now. 7-1-2020, paid Rs. 50000 to MCB for settlement of their loan. 31-1-2020, paid accounts payable of 5-1-2020. Required: Make Accounting equation.
On 1-1-2020, Mr. A started his business (as A. Enterprises) of dealing in televisions by investing Rs. 500000 in cash from his personal sources. The other transactions relating to first month of his business were as under: 3-1-2020, borrowed an interest free loan of Rs. 50000 from MCB. 5-1-2020, purchased computer from Fine Computers for Rs. 30000 and paid cash Rs. 20000 while the balance will be paid after 10 days from now. 7-1-2020, paid Rs. 50000 to MCB for settlement of their loan. 31-1-2020, paid accounts payable of 5-1-2020. Required: Make Accounting equation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On 1-1-2020, Mr. A started his business (as A. Enterprises) of dealing in televisions by investing Rs. 500000 in cash from his personal sources. The other transactions relating to first month of his business were as under:
3-1-2020, borrowed an interest free loan of Rs. 50000 from MCB.
5-1-2020, purchased computer from Fine Computers for Rs. 30000 and paid cash Rs. 20000 while the balance will be paid after 10 days from now.
7-1-2020, paid Rs. 50000 to MCB for settlement of their loan.
31-1-2020, paid accounts payable of 5-1-2020.
Required: Make
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