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