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 Withdrawn an amount of $ 10,500 by the Partner for personal purposes.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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

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 Withdrawn an amount of $ 10,500 by the Partner for personal purposes.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.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education