Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Show the accounting equation on the basis of the following transactions & also show the Balance Sheet. 1. Started the business with Cash 80,000; Goods
Show the accounting equation on the basis of the following transactions & also show the Balance Sheet. 1. Started the business with Cash 80,000; Goods 30,000; Furniture 40,000. 2. Purchased goods on credit from Nidi, 15,000 and on cash from Meera 10,000. 3. Bought a refrigerator for personal use 5,000. 4. Goods costing 6,000 sold at the loss of 10% out of which 2,000 received in cash. 5. Received cash from debtor 3,200 in full settlement . 6. Sold goods for cash 5,000. 7. Introduced fresh capital 1,00,000. 8. Rent outstanding 5,000. 9. Accrued interest 10,000. 10. Goods destroyed by fire (cost 500, sale price 600). 11. Bought furniture from M/s Mohan Furnitures on credit for 3,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started