On Ist January, 1990, the balances of M/s Khan Bros. are as follows; Assets Liabilities & Owner's equity Rs. 25000 Creditors 40000 Cash 17000 Capital 94000 Debtors of goods 22000 Stock of goods 70.000 134000 Building 134000 Transactions during the month of January; Jan: 1. Purchased goods for cash Rs. 4,000 subject to a trade discount of 10% 5. Sold goods for cash Rs. 12,000 Costing Rs. 10,500 7. Cash paid to creditors Rs. 25,000 9. Sold goods for cash Rs.5,000 and as credit basis Rs.3,000 costing Rs.6,000. 11. Goods returned by a customer Rs. 2,000 costing Rs. 1,900 15. Cash received from debtors Rs. 14,000 18. Cash paid for furniture purchased for owner's domestic use Rs. 1,000 22. Depreciation on building Rs. 1,400. 29. Paid telephone bill Rs. 600 30. Paid salaries Rs. 3,000. Req. Show the effects of above transactions on the accounfing equation. Ans: [Rs. 106400].
On Ist January, 1990, the balances of M/s Khan Bros. are as follows;
Assets
Liabilities & Owner's equity
Rs. 25000
Creditors
40000
Cash
17000
Capital
94000
Debtors of goods
22000
Stock of goods
70.000
134000
Building
134000
Transactions during the month of January;
Jan:
1. Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%
5. Sold goods for cash Rs. 12,000 Costing Rs. 10,500
7. Cash paid to creditors Rs. 25,000
9. Sold goods for cash Rs.5,000 and as credit basis Rs.3,000 costing Rs.6,000. 11. Goods returned by a customer Rs. 2,000 costing Rs. 1,900
15. Cash received from debtors Rs. 14,000
18. Cash paid for furniture purchased for owner's domestic use Rs. 1,000
22.
29. Paid telephone bill Rs. 600 30. Paid salaries Rs. 3,000.
Req.
Show the effects of above transactions on the accounfing equation.
Ans: [Rs. 106400].
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