Show the effect of the following transactions on Assets, Liabilities and Capital through accounting equation: (a) Started
Question:
Show the effect of the following transactions on Assets, Liabilities and Capital through accounting equation:
Transcribed Image Text:
(a) Started business with cash (b) Rent received (c) Invested in shares (d) Received dividend 13 (e) Purchase goods on credit from Ragani (f) Paid cash for house hold Expenses (g) Sold goods for cash (costing *10,000) (h) Cash paid to Ragani (1) Deposited into bank 1,20,000 * 10,000 *50,000 *5,000 *35,000 7,000 14,000 *35,000 €20,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
To show the effect of these transactions on Assets Liabilities and Capital well use the basic accounting equation Assets Liabilities Capital Lets go t...View the full answer
Answered By
ROXAN VEGA
I have extensive hands-on experience and proficiency in assisting students in various subjects. During my tutoring sessions, I prioritize creating a supportive and engaging learning environment. I strive to understand each student's unique learning style and tailor my teaching methods accordingly. I am patient, empathetic, and skilled at breaking down complex concepts into simpler, more manageable parts. I encourage active participation and discussion, promoting critical thinking and problem-solving skills.
One of my strengths as a tutor is my ability to adapt to different learning needs and styles. I can explain difficult concepts using real-life examples, visual aids, or interactive exercises, depending on what works best for the student. I also provide clear explanations, answer questions, and offer guidance in a clear and concise manner.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accountancy Financial Accounting Part 1 Textbook For Class 11
ISBN: 9788174505071
1st Edition
Authors: NCERT
Question Posted:
Students also viewed these Business questions
-
Show the effect of each of the following transactions on the basic accounting equation, by preparing a table like the one in Exhibit 2-3. The fiscal year end of the company (which has been operating...
-
During 2008, Intel entered into the transactions listed below. a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the accounting equation and...
-
During 2014, Intel entered into the transactions listed below. a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the accounting equation and...
-
Roberts Originals Co. (ROC) provides new and unique cases and otherassignments to professors each semester to ensure that students will not be able to find the solutions published online. Due to the...
-
This problem is a variation of Problem 12-16, modified to consider accounting for impairments under IFRS. Required: Consider the facts presented in P12-16, and assume that Stewart accounts for its...
-
Adjusting entries a. Affect only income statement accounts. b. Affect only balance sheet accounts. c. Affect both income statement and balance sheet accounts. d. Affect only cash flow statement...
-
What are the advantages and disadvantages of the parallel approach? AppendixLO1
-
About five years ago, Guiseppe, Cristina, Giovanni and Brunco formed a partnership to carry on a snow removal and landscape business. All the partners, except Cristina, made an initial contribution...
-
Income Statement and Retained Earnings The Huff Company presents the following partial list of account balances taken from its December 31, 2019 adjusted trial balance: Sales (net) $123,000 Operating...
-
Show the accounting equation on the basis of the following transaction: (a) Udit started business with: (1) Cash (11) Goods (b) Purchased building for cash (c) Purchased goods from Himani (d) Sold...
-
Use accounting equation to show the effect of the following transactions of M/s Royal Traders: (a) Started business with cash (b) Purchased goods for cash (c) Rent received (d) Salary outstanding (e)...
-
Raymond Chow was an entrepreneur who built up a successful construction company. His wife, Sheila, per- formed all of the accounting functions for the company until she became ill and Raymond hired...
-
Classic Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2012, its first year of operations, Classic...
-
The following information is available for Market Inc. and Supply Inc. at December 31, 2012: Required a. What is the accounts receivable turnover for each of the companies for 2012 ? b. What is the...
-
Buck Novak, the chief executive officer of Novak Corporation, has assembled his top advisers to evaluate an investment opportunity. The advisers expect the company to pay \($400,000\) cash at the...
-
Verify the log-likelihood in equation (16.4) for the Tobit model. In L = = In { 1-0 (x-di)} 1:y=di 122. + (y; - x) 02 (16.4) i:y;>di
-
Milo Company is considering the purchase of new equipment for its factory. It will cost \($250,000\) and have a \($50,000\) salvage value in five years. 1 he annual net income from the equipment is...
-
What are annuities? What options are available in annuities? Which option is the best?
-
Information graphics, also called infographics, are wildly popular, especially in online environments. Why do you think infographics continue to receive so much attention? How could infographics be...
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated,...
-
Suppose I have computed the cost of carbon per mile for my car at 0 . 0 1 2 per mile. Assume that the interest rate is 4 % and that I drive the car 2 8 , 0 0 0 miles per year. What is the present...
-
Imagine that in stable growth period, the firm earns ROIC of 10% and has after tax EBIT of 200 and reinvestment $ of 40. What is the steady state growth rate? 20% O 10% 2%
-
Tanner-UNF Corporation acquired as a long-term investment $160 million of 5.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until...
Study smarter with the SolutionInn App