Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet: (i)

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Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet:

(i) Mohan commenced pastry confectionary business ` 70,000

(ii) Purchased pastry ingredients on credit ` 14,000

(iii) Withdrew for private use ` 1700

(iv) Ingredients purchased for cash ` 10,000

(v) Paid wages to bakers ` 300

(vi) Paid to creditors ` 10,000

(vii) Sold pastry products on credit for ` 15,000

(viii) Sold confectionery products for cash (cost price was ` 3000) ` 4000

(ix) Purchased baking oven for ` 500

(Assets: ` 73,000; Liabilities: ` 4000; Capital: ` 69,000)

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Financial Accounting For Hotels

ISBN: 9781259004940

1st Edition

Authors: Prasanna Kumar JP, Linda Nalini Danie, Mruthyunjaya V. Pagad

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