Pallabi Sekhar Associates, a partnership firm, made these transactions. Find out the effect on Assets, Liabilities and Capital of the Firm in an Accounting Equation form. 1. Business started with $ 75,000 as capital introduced. 2. Taken a Loan from Rajesh and Purchased a computer worth $3,750. 3. Additional Capital Invested $ 15,320 in the form of Equipment. 4. Paid Rent in advance $ 22,500 by cash only. 5. Bought a Generator of value $ 25,000 from Harish Ltd. by taking loan from Rajesh again. Withdrawn an amount of $ 10,500 by the Partner for personal purposes. Deposited into Firm's Bank an amount of $ 25,000.
Pallabi Sekhar Associates, a partnership firm, made these transactions. Find out the effect on Assets, Liabilities and Capital of the Firm in an Accounting Equation form. 1. Business started with $ 75,000 as capital introduced. 2. Taken a Loan from Rajesh and Purchased a computer worth $3,750. 3. Additional Capital Invested $ 15,320 in the form of Equipment. 4. Paid Rent in advance $ 22,500 by cash only. 5. Bought a Generator of value $ 25,000 from Harish Ltd. by taking loan from Rajesh again. Withdrawn an amount of $ 10,500 by the Partner for personal purposes. Deposited into Firm's Bank an amount of $ 25,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pallabi Sekhar Associates, a
1. Business started with $ 75,000 as capital introduced.
2. Taken a Loan from Rajesh and Purchased a computer worth $3,750.
3. Additional Capital Invested $ 15,320 in the form of Equipment.
4. Paid Rent in advance $ 22,500 by cash only.
5. Bought a Generator of value $ 25,000 from Harish Ltd. by taking loan from Rajesh again. Withdrawn an amount of $ 10,500 by the Partner for personal purposes. Deposited into Firm's Bank an amount of $ 25,000.
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