Accounting Equation Transaction S.No Capital Assets Furniture + Liabilities + = Creditors Stock 1. Kunal started his company with cash Cash + +2,50,000 2,50,000 - 35,000 2,15,000 2,50,000 2,50,000 2. Purchased furniture for cash +1,50,000 +35,000 35,000 2,50,000 3. Paid commission -2,000 2,13,000 -2,000 (Expense) 2,48,000 35,000 4. He purchased goods on credit +40,000 40,000 35,000 +40,000 40,000 -20,000 20,000 5. 2,13,000 +26,000 2,39,000 He sold goods(Costing 720,000) for cash 2,48,000 +6,000 (Pront) 2,54,000 35,000 40,000 Question 5 Mohit has the following transaction. Prepare accounting equation q3 1. Business started with cash 1,75,000 2. 50,000 3. 20,000 10,000 Purchased goods from Rohit Sold goods on credit to Manish (costing 317,500) Purchased fumiture for office use Cash paid to Rohit in full settlement Cash received from Manish Rent Paid 5. 6. 48,5000 20,000 1,000 N 8. Cash withdrawn for personal use 3,000