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Accounting Equation S.No Transaction Assets Liabilities + Capital Stock + Debtors =Creditors 1. Started business with cash Cash + Typewriter+ 1,20,000 1,20,000 - 8,000 + 8,000 1,12,000 8,000 1,20,000 1,20,000 2. Purchased a typewriter 1,20,000 3. Purchased goods on credit -50,000 62,000 8,000 1,20,000 + 4,000 4,000 40,000 40,000 14. +50,000 50,000 +40,000 90,000 -60,000 30,000 Purchased goods on cash 62,000 8,000 5. Goods costing 760,00 sold for 780,000 on credit +80,000 80,000 8,000 40,000 6. Paid for rent 8,000 30,000 80,000 40,000 1,20,000 +20,000 (profit) 1,40,000 -3,500 (Expenses) 1,36,500 +800(Income) 1,37,300 -5,000 (Withdrewal 1,32,300 7. 62,000 1-3,500 58,500 +800 59,300 |-5,000 54,300 Commission Received 8,000 30,000 80,000 40,000 8. Cash withdrawal for private use 8,000 30,000 80,000 40,000 Ranjan's Balance Sheet Liabilities Amount Assets Cash Amount 54,300 Creditor 40,000 Typewriter 8,000 Capital 1,32,000 Stock 30,000 80,000 Debtor 1,72,300 1,72,300 Question 3 Prepare Accounting Equation from the following: (a) Started business with Cash + 2,00,000. q2 (b) Purchased goods for Cash 60,000 and on Credit 3 1,50,000. (c) Sold goods for Cash costing 7 40,000 at a profit of 20% and on Credit costing * 72,000 at a profit of 25%. (d) Paid for Rent 75,000