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Prepare the Accounting Equation for the following .Each carries 5 Marks Each Perform the Accounting Equation for the following below The details of the business
Prepare the Accounting Equation for the following .Each carries 5 Marks Each
Perform the Accounting Equation for the following below
The details of the business transactions are given below
- Started business with capital 1,00,000
- Bought furniture 25,000
- Bought goods for cash 20,000
- Bought goods from Ram on Credit 5,000
- Sold goods for cash for 15,000
- Sold goods to Shyam on credit 8,000
- Paid cash to Ram 4,000
- Received cash from Shyam 5,000
- Paid Cash into Bank 25,000
- Withdrawn from bank 10,000
Exercise 2 (5 points)
Following are the accounting transactions relating to Mr. P's business. Use the accounting equation to show their effect on his assets, liabilities and capital.
- Commenced business with a Capital of 50,000
- Bought Machinery for cash 10,000
- Purchased goods for cash 15,000
- Purchased goods from A on credit 5,000
- Sold goods for cash 10,000
- Paid to A 2,000
- Sold goods to B on credit 3,000
- Paid into Bank 6,000
- Paid to A by cheque 1,000
- Received from B a cheque for 2,000
.
Note: The answer must be in computer typing please do not handwriting
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