3:19 * PaAnswered: On Ist ...bartleby.com= bartlebyQQ&A ABusiness / Accounti... / Q&A Libr... / On Ist Januar...On Ist January, 1990, the balances ...QuestionOn Ist January, 1990, the balances of M/s Khan Bros. are as follows;Liabilities & Owner's equityAssetsCashRs. 25000Creditors4000017000Capital94000Debtors of goodsStock of goods2200020.000134000Transactions during the month of January;Building134000Jan:Purchased goods for cash Rs. 4,000 subject to a trade discount of 10%Sold goods for cash Rs. 12,000 Costing Rs. 10,5005.Cash paid to creditors Rs. 25,000Sold 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. 1,90015. Cash received from debtors Rs. 14,000.18. Cash paid for furniture purchased for owner's domestic use Rs. 1.00022. Depreciation on building Rs. 1,40029. Paid telephone bill Rs. 60030. Paid salaries Rs. 3,030.Show the effects of above transactions on the accouning equation.7.9.Req.Expert AnswerStep 1

Accounting equation says that total assets should always be equals to total liabilities and…

On Ist January, 1990, the balances of M/s Khan Bros. are as follows; Liabilities & Owner's equity Assets Cash Rs. 25000 Creditors 40000 17000 Capital 94000 Debtors of goods Stock of goods Building 22000 20.000 134000 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. I1. 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. 3,030. Req. Show the effects of above transactions on the accounfng equation.

On Ist January, 1990, the balances of M/s Khan Bros. are as follows; Liabilities & Owner's equity Assets Cash Rs. 25000 Creditors 40000 17000 Capital 94000 Debtors of goods Stock of goods Building 22000 20.000 134000 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. I1. 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. 3,030. Req. Show the effects of above transactions on the accounfng equation.

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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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].
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