What will be the effect of the following on the Accounting Equation? (1) Harish started business...

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What will be the effect of the following on the Accounting Equation? (1) Harish started business with cash * 1,80,000 (II) Purchased goods for cash * 60,000 and on credit * 30,000 (III) Sold goods for cash 40,000; costing * 24,000 (iv) Rent paid * 5,000; and rent outstanding € 2,000 (v) Sold goods on credit * 50,000 (costing * 38,000) (vi) Salary paid in advance ₹ 3,000 S.No Transaction 1. 2. 3. 4. 5. 6. 1. W N Accounting Equation 3. 4. 5. 6. 7. 8. Harish started business with cash Purchased goods for ₹60,000 cash and on * 30,000 credit Sold goods for $40,000 cash costing * 24,000 Rent paid 25,000. Rent outstanding *2,000 Sold goods on 50,000 credit (costing * 38,000) Salary paid in advance ₹ 3,000 Business started with cash 94 Purchased goods for cash Rent received Salary outstanding Prepaid insurance Received interest Sold goods for cash(costing €5,000) Goods destroyed by fire Cash + Assets Stock + Debtors +1,80,000 1,80,000 -60,000 +90,000 1,20,000 90,000 +40,000 1,60,000 -5,000 Question 7 Use Accounting Equation to show the effect of the following transactions of M/s Royal Traders. -24,000 66,000 1,55,000 66,000 Prepaid Salary -38,000 +50,000 1,55,000 28,000 50,000 -3,000 +3,000 1,52,000 28,000 50,000 3,000 Liabilities + -Creditors+ +30,000 30,000 30,000 +2,000 30,000 30,000 30,000 Outstanding Rent 2,000 2,000 2,000 ₹ 1,20,000 10,000 5,000 2,000 1,000 700 7,000 500 Capital +1,80,000 1,80,000 1,80,000 +16,000 (Profit) -7,000 (Expense) 1,89,000 +12,000 (Profit) 2,01,000 2,01,000 What will be the effect of the following on the Accounting Equation? (1) Harish started business with cash * 1,80,000 (II) Purchased goods for cash * 60,000 and on credit * 30,000 (III) Sold goods for cash 40,000; costing * 24,000 (iv) Rent paid * 5,000; and rent outstanding € 2,000 (v) Sold goods on credit * 50,000 (costing * 38,000) (vi) Salary paid in advance ₹ 3,000 S.No Transaction 1. 2. 3. 4. 5. 6. 1. W N Accounting Equation 3. 4. 5. 6. 7. 8. Harish started business with cash Purchased goods for ₹60,000 cash and on * 30,000 credit Sold goods for $40,000 cash costing * 24,000 Rent paid 25,000. Rent outstanding *2,000 Sold goods on 50,000 credit (costing * 38,000) Salary paid in advance ₹ 3,000 Business started with cash 94 Purchased goods for cash Rent received Salary outstanding Prepaid insurance Received interest Sold goods for cash(costing €5,000) Goods destroyed by fire Cash + Assets Stock + Debtors +1,80,000 1,80,000 -60,000 +90,000 1,20,000 90,000 +40,000 1,60,000 -5,000 Question 7 Use Accounting Equation to show the effect of the following transactions of M/s Royal Traders. -24,000 66,000 1,55,000 66,000 Prepaid Salary -38,000 +50,000 1,55,000 28,000 50,000 -3,000 +3,000 1,52,000 28,000 50,000 3,000 Liabilities + -Creditors+ +30,000 30,000 30,000 +2,000 30,000 30,000 30,000 Outstanding Rent 2,000 2,000 2,000 ₹ 1,20,000 10,000 5,000 2,000 1,000 700 7,000 500 Capital +1,80,000 1,80,000 1,80,000 +16,000 (Profit) -7,000 (Expense) 1,89,000 +12,000 (Profit) 2,01,000 2,01,000

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SNo Transaction 1 2 3 4 5 6 7 Accounting Equation 8 Business St... View the full answer