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Prepare Accounting Equation from the following:- …

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Prepare Accounting Equation from the following:- 1. Sandeep started business with cash - Rs 1,00,000 2. Purchased furniture for cash - Rs 5,000 3. Purchased goods for cash - Rs 20,000 4. Purchased goods on credit - Rs 36,000 5. Paid for rent -Rs 700 6. Goods costing Rs 40,000 sold at a profit of 20 percent for cash - ?

Posted by Shivi Sisodia 4 years, 4 months ago

CBSE > Class 11 > Business Studies

1 answers

Gaurav Seth 4 years, 4 months ago

ACCOUNTING EQUATION
S. No.	Transaction	Assets	=	Liabilities	+	Capital
Cash	+	Furniture	+	Stock	=	Creditors
(i)	Sandeep started business with cash	1,00,000							+	1,00,000
		1,00,000					=		+	1,00,000
(ii)	Purchased furniture for cash	–5,000		+5,000
		95,000	+	5,000			=		+	1,00,000
(iii)	Purchased goods for cash	–20,000				+20,000
		75,000	+	5,000	+	20,000	=		+	1,00,000
(iv)	Purchased goods on credit					+36,000		+36,000
		75,000	+	5,000	+	56,000	=	36,000	+	1,00,000
(v)	Rent paid	-700								–700
		74,300	+	5,000	+	56,000	=	36,000	+	99,300
(vi)	Goods costing Rs 40,000 sold at a profit of 20% for cash	+48,000				-40,000				+8,000
		1,22,300	+	5,000	+	16,000	=	36,000	+	1,07,300

Working Note:

WN1 Calculation of Sale Price

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