Give an example of each of …
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Give an example of each of the following transaction 1) increase in one asset decrease in another asset 2) increase in asset , increase in liability 3) increase in asset , increase in owner capital 4) decrease in asset ,decrease in liability 5) decrease in asset,decrease in owner capital
Posted by Rahul Ahlawat 5 years, 5 months ago
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Gaurav Seth 5 years, 5 months ago
Give an example of each of the following : Increase in asset and decrease in another asset Decrease in liability and increase in another liability Decrease in asset and decrease in owner’s equity Increase in asset and increase in owner’s equity
Effect
Example
i. Increase in asset and decrease in another asset
i. Sale of goods for cash.
Increase in cash and decrease in goods.
ii. Decrease in liability and increase in another liability
ii. Bills payable issued to creditors.
Increase in bill payable and decrease in liability
iii. Decrease in asset and decrease in owner’s equity
iii. Drawings by the proprietor Decrease in liability (capital) and decrease in asset (cash or bank)
iv. Increase in asset and increase in owner’s equity
iv. Introduction of capital by the proprietor increases asset (cash or bank) and also liability (capital)
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