Create an accounting equation on the …
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Create an accounting equation on the basis of the following transactions and show the
resulting balance sheet.
Amt. (Rs)
(i) Sharma started business with cash 5,00,000
(ii) Purchased a building from Yadav, paid by raising a loan from PNB 10,00,000
(iii) Paid interest on loan Rs 20,000 and installment of Rs 2,00,000
(iv) Purchased goods from Yadav on credit 1,00,000
(v) Goods returned to Yadav costing 20,000
(vi) Sold goods costing Rs 40,000 for Rs 50,000 on credit to Joshi
(vii) Took goods of Rs 10,000 from business for personal use
(viii) Accrued interest 5,000
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