Prove that the Accounting Equation is satisfied in all following transactions of Aslam owner of business enterprises? Started business with cash value of Rs. 400,000. Rent paid in advance for a year Rs. 4,000. Purchased merchandising inventory for cash Rs. 70,000 and on account Rs. 30,000 from Mr. Akram. Purchased Marketable securities for cash Rs. 200,000. Cash Sales Rs. 31,000 (cost 21,000). Withdrew inventory for personal purpose by owner of worth Rs. 5,000 Requirement: Use accounting equation to show their effect on his Assets, Liabilities and Capital?
Prove that the Accounting Equation is satisfied in all following transactions of Aslam owner of business enterprises? Started business with cash value of Rs. 400,000. Rent paid in advance for a year Rs. 4,000. Purchased merchandising inventory for cash Rs. 70,000 and on account Rs. 30,000 from Mr. Akram. Purchased Marketable securities for cash Rs. 200,000. Cash Sales Rs. 31,000 (cost 21,000). Withdrew inventory for personal purpose by owner of worth Rs. 5,000 Requirement: Use accounting equation to show their effect on his Assets, Liabilities and Capital?
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...
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Prove that the
- Started business with cash value of Rs. 400,000.
- Rent paid in advance for a year Rs. 4,000.
- Purchased merchandising inventory for cash Rs. 70,000 and on account Rs. 30,000 from Mr. Akram.
- Purchased Marketable securities for cash Rs. 200,000.
- Cash Sales Rs. 31,000 (cost 21,000).
- Withdrew inventory for personal purpose by owner of worth Rs. 5,000
Requirement: Use accounting equation to show their effect on his Assets, Liabilities
and Capital?
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