Assess the impact of the following transactions on Assets, Liabilities, and Capital of Bharat Motors as...
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Assess the impact of the following transactions on Assets, Liabilities, and Capital of Bharat Motors as on October 31, 2022, by preparing an Accounting Equation. October 1 October 3 October 6 October 10 October 13 October 17 October 20 October 22 October 28 October 30 Bharat Motors has Cash of ₹50,000, Stock of 1,20,000, Property Plant and Equipment (PPE) of 1,80,000, and Long term Liabilities of 60,000 and Short term Liabilities 40,000 as on October 1, 2020. It sold its stock worth 25000 for ₹ 30000. It paid its short-term liabilities worth ₹ 5,000. It received a commission for its Agent services from a customer worth 15,000. It purchased goods for 7,000 from Bhanu Enterprises. It paid wages to its labor worth ₹ 7,500. It sold goods worth 15,500 for 13,500 to Kedia Enterprises. It purchased a piece of equipment for ₹8,500. It paid rent for its one warehouse ₹11,500. It paid interest worth 7,000 on its long-term liabilities. [10 Marks] [CO1, L5] Assess the impact of the following transactions on Assets, Liabilities, and Capital of Bharat Motors as on October 31, 2022, by preparing an Accounting Equation. October 1 October 3 October 6 October 10 October 13 October 17 October 20 October 22 October 28 October 30 Bharat Motors has Cash of ₹50,000, Stock of 1,20,000, Property Plant and Equipment (PPE) of 1,80,000, and Long term Liabilities of 60,000 and Short term Liabilities 40,000 as on October 1, 2020. It sold its stock worth 25000 for ₹ 30000. It paid its short-term liabilities worth ₹ 5,000. It received a commission for its Agent services from a customer worth 15,000. It purchased goods for 7,000 from Bhanu Enterprises. It paid wages to its labor worth ₹ 7,500. It sold goods worth 15,500 for 13,500 to Kedia Enterprises. It purchased a piece of equipment for ₹8,500. It paid rent for its one warehouse ₹11,500. It paid interest worth 7,000 on its long-term liabilities. [10 Marks] [CO1, L5]
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To assess the impact of the transactions on the Assets Liabilities and Capital of Bharat Motors I will present the impacts individually for each transaction listed and then provide the updated Account... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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