Question 1 Prepare the equation and balance the results (marks 10) 1. started business with cash...

 

Transcribed Image Text:

Question 1 Prepare the equation and balance the results (marks 10) 1. started business with cash 180,000, machinery 42,000 and land 52,000 2. He purchased good for cash 170,000 and on credit 150,000 3. He purchased machinery for cash 85,000 4. He sold good for 86,000 costing 77,000 5. He sold good for 92,000 and sale include 20% profit 6. He purchased goods from Asim for 72,000 on credit 7. He settled Asim account by paying 67,500 8. He sold good to Rafique for 44,000 on credit 9. Rafique account was settled for 5% discount 10. Paid electricity bill 900, commission 2000 and gas bills 1800 11. Owner draw 700 good form personal use 12. Goods lost by fire 2400 13. Loan received from bank 60,000 14. Machinery sold for cash 60,000 actual price of machine 75,000 15. Donation given 16,000 Question 1 Prepare the equation and balance the results (marks 10) 1. started business with cash 180,000, machinery 42,000 and land 52,000 2. He purchased good for cash 170,000 and on credit 150,000 3. He purchased machinery for cash 85,000 4. He sold good for 86,000 costing 77,000 5. He sold good for 92,000 and sale include 20% profit 6. He purchased goods from Asim for 72,000 on credit 7. He settled Asim account by paying 67,500 8. He sold good to Rafique for 44,000 on credit 9. Rafique account was settled for 5% discount 10. Paid electricity bill 900, commission 2000 and gas bills 1800 11. Owner draw 700 good form personal use 12. Goods lost by fire 2400 13. Loan received from bank 60,000 14. Machinery sold for cash 60,000 actual price of machine 75,000 15. Donation given 16,000

Answer rating: 100% (QA)

ST... View the full answer