Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Show Accounting equation on the basis of following transactions: i) X started a business with cash Rs 18,000 ii) Purchased equipment for cash Rs 14,800

Show Accounting equation on the basis of following transactions:

i) X started a business with cash Rs 18,000

ii) Purchased equipment for cash Rs 14,800

iii) Purchased good on credit Rs 5,300

iv) Paid Rs 600 to creditors

v) Sold goods for cash Rs 4,000(cost price Rs 2,400)

vi) Business expenses Rs 1,400

vii) Good worth Rs 800 were taken for personal use

viii) Depreciation on the equipment is Rs 400

ix) Purchased goods for cash Rs 2,000

x) Rent outstanding is Rs 400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Accounting questions