Q1. Analyse the following transactions for Surprise Ltd. using the concept of Accounting Equation comprising of Assets, Liabilities and Equity. 1. Commenced business with cash of 5,00,000. 2. Purchased equipment for cash 2,00,000. 3. Purchased furniture worth 50,000 on credit from IndiMart. 4. Purchased raw materials for 25,000 against cash from XYZ Suppliers. 5. Deposited cash of 1,25,000 in the current account. 6. Sold goods for 75,000 and received a cheque against the same.