Anil had the following transactions in an accounting year: (a) Commenced business with cash ` 50,000 (b)
Question:
Anil had the following transactions in an accounting year:
(a) Commenced business with cash ` 50,000
(b) Purchased goods for cash ` 20,000 and on credit ` 30,000
(c) Sold goods for cash ` 40,000 costing ` 30,000
(d) Rent paid ` 500
(e) Rent outstanding ` 100
(f) Bought printer on credit ` 5000
(g) Bought TV for personal use ` 5000
(h) Purchased Computer for cash ` 20,000 Use accounting equation to show the effect of the above transactions on his assets, liabilities and capital.
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Related Book For
Financial Accounting For Hotels
ISBN: 9781259004940
1st Edition
Authors: Prasanna Kumar JP, Linda Nalini Danie, Mruthyunjaya V. Pagad
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