Question: from the following data develop accounting equation. 1. Initial investment by owners, Rs.100,000 cash. 2. Acquisition of inventory for Rs.75,000 cash. 3. Acquisition of inventory

from the following data develop accounting equation.

1. Initial investment by owners, Rs.100,000 cash. 2. Acquisition of inventory for Rs.75,000 cash. 3. Acquisition of inventory for Rs.135,000 on open account. 4. Merchandise carried in inventory at a cost of Rs.100,000 was sold on open account for Rs.120,000. 5. Cash collections of accounts receivable, Rs.30,000. 6. Cash payments of accounts payable, Rs.8,000. 7. Paid office rent in advance Rs. 15,000 8. Received commission in advance Rs.5,000. 9. Deposited Rs.10,000 in bank. 10. Withdrew cash Rs.5,000 and merchandise of Rs.2,000 for personal use

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Consolidation subsequent to date of acquisitionEquity method with noncontrolling interest, AAP, and downstream intercompany inventory sale Assume, on January 1, 2016, a parent company acquired a 70%...

Are the following statements True or False? A general partnership must have at least 2 members with each having their potential financial loss in the partnership limited to their individual...

Just Question 1~3 with full explanation including organization, facts, issues, applicable literature (GAAP, IFRS), analysis, and conclusion. Thanks! Case 10-2 Ida's Impairment Ida Inc. (Ida) is a...

Record CP B Cash 2 (24 points) Lloyd Christmas, Lid's accounting records reflect the following account balances January 1, 2019 Checinning of the eart Amunt Debit Credit Equipment $160.000 S 95....

I need help on the Financial Statement part of the project! The first two parts of the project are done. I provided pictures of the project. The ones that are blank at the financial statement part of...

7:30 + TE X CASE STUDY 2019 fall.docx Lasting Impressions (LI) Company is a medium-sized commercial printer of promotional advertising brochures, booklets, and other direct-mail pieces. The firm's...

All questions need to be answered please. From questions 1 to question 5. ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the formats contained in your study...

Chapter 1 h Mechanical Repar Shop started the ings of $18,000 ar total assets of $60.000 total abilities of $40,000, and retained corded $100.000 in auto repair revenues, $70,000 in expenses, and 1....

May I ask for an explanation or interpretation behind this solution? The problem: 80%%-Owned-Subsidiary: Cost Model - Consolidated Financial Statements, Downstream and Upstream of Property,...

\fThe following financial information relates to HGR Co: Statement of financial position at the current date (extracts) $000 $000 $000 Non-current assets 48,965 Current assets Inventory 8,160...

If neon exerts 12 atm of pressure in a mixture and the total pressure of the system is 35 atm, what would be the mole fraction of neon in the mixture? a. 0.34 atm b. 23 atm c. 2.92 atm d. 1.43 atm

78. Assume that a security is fairly priced and has an expected rate of return of 0.13. The market expected rate of return is 0.13 and the risk-free rate is 0.04. The beta of the stock is ? A. 1.25...

15. Natural Rate of Unemployment What is the relationship between potential output and the natural rate of unemployment? a. If the economy currently has a frictional unemployment rate of 2 percent,...

The q , affirms that national laws and treaties are "the supreme Law of the Land." q , supremacy clause necessary and proper clause full faith and credit clause doctrine of stare decisis

1. Attend a gathering of people from a culture different from yours. It might be a meeting at a Jewish temple if youre Christian, an African- American church if you are white, or a meeting of Asian...

3. How does nonverbal communication express cultural values?

2. What types of nonverbal behavior have scholars identifi ed?