The purpose of this assignment is to understand the significance of

Accounting Equation.

General Instructions

$1.$ Adhere to Academic Integrity Policy of the Canadore College.

$2.$ Avoid plagiarism and use of unfair means.

$3.$ Submit only one file in the designated drop$-$box via D$2$L$.$

$4.$ Late submissions will not be accepted

Show an Accounting Equation on the basis of the following transactions:

Unit started business with:

$($i$)$ Cash

$$5,00,000$

$($ii$)$ Goods

$$1,00,000$

Purchased building for cash

$$2,00,000$

$($c$)$

Purchased goods from Himani

$$50,000$

$($d$)$

Sold goods to Ashu $($Cost $$25,000)$

$$36,000$

$($e$)$

Paid insurance premium

$$3,000$

$($f$)$

Rent outstanding

$$5,000$

$($g$)$

Depreciation on building

$$8,000$

$($h$)$

Cash withdrawn for personal use

$$20,000$

$($i$)$

Rent received in advance

$$5000$

$($j$)$

Cash paid to Himani on account

$$20,000$

$($