Show the effect of the following transactions upon the Accounting Equation.
a. Mr. Salman started a business with cash Rs. 100,000, Inventory of Rs. 50,000 & Machinery Rs 50,000.
b. Purchased furniture for cash Rs. 14,000 and purchased goods from Naveed store of Rs. 25,000.
c. Sold goods to Rashid on a credit basis for Rs. 8,000, costing Rs. 6,500.
d. Open a bank account and deposited Rs. 40,000.
e. Sold goods for cash Rs. 15,000, which is 20% above cost.
f. Received Rs. 7,800 from Rashid in full settlement for June 8th transaction.
g. Paid Rs. 24,700 to Naveed store in full settlement for June 5th transaction by bank.
h. Paid rent and salaries for the month Rs. 4,000 and wages outstanding for month Rs. 1,000.

Answer rating: 100% (QA)

S No a b C d f 9 TRANSACTION h Cash Mr Salman started a business with cash Rs 100000 Inventory Rs 50... View the full answer