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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 5 years, 4 months ago

    CBSE > Class 11 > Business Studies
    • 1 answers

    Gaurav Seth 5 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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