From the following transactions, prepare Accounting Equation. 1. Mr. A invested Rs.500,000 to commence business. 2.He...

 

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From the following transactions, prepare Accounting Equation. 1. Mr. A invested Rs.500,000 to commence business. 2.He deposited Rs.50,000 in his bank. 3.He immediately bought Land of Rs.100,000. 4.He purchased furniture of Rs.30,000 and payment was made through cheque. 5.He bought goods worth Rs.150,000 (Rs.100,000 paid in cash and signed a note for the remainder). 6.Paid Commission Rs.1000 and salary Rs.10,000 in advance 7.Mr. A withdrew Rs. 10,000 for personal use. 8.Goods costing Rs.50,000 were sold for Rs.70,000. From the following transactions, prepare Accounting Equation. 1. Mr. A invested Rs.500,000 to commence business. 2.He deposited Rs.50,000 in his bank. 3.He immediately bought Land of Rs.100,000. 4.He purchased furniture of Rs.30,000 and payment was made through cheque. 5.He bought goods worth Rs.150,000 (Rs.100,000 paid in cash and signed a note for the remainder). 6.Paid Commission Rs.1000 and salary Rs.10,000 in advance 7.Mr. A withdrew Rs. 10,000 for personal use. 8.Goods costing Rs.50,000 were sold for Rs.70,000.

Answer rating: 100% (QA)

Transaction 1 2 3 4 5 6 7 8 Balance Cash Rs 500000 50000 100000 100000 11000 10000 70000 R... View the full answer