Time: 2 hours Marks : 20 (7+8+5) 1. You are requested to exhibits the effect of the following transactions on the Accounting Equation. [7] Shashi started the business with: TK Cash 2,00,000 Goods 1,20,000 Machine 80,000 2. He purchased goods for cash 50,000 3. He sold goods (costing 20,000) 25,000 4. He purchased goods from Ravi 70,000 5. He paid cash to Ravi in full settlement 69,000 6. He sold goods to Vikas (costing 54,000) 60,000 7. He received payment from Vikas and discount allowed 2000 58,000 8. Salaries paid by him 40,000 9. Rent outstanding 4,000 10. Prepaid insurance 1,000 11. Commission received by him 3,000 12. Amount withdrawn by him for personal use 30,000 13. Interest on capital invested by him 2,000