Draw a accounting equation. 1) started …
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Draw a accounting equation. 1) started bussiness with cash ₹6,00,000 building₹3, 00,000 goods ₹2, 00,000and land ₹10, 00,000. 2) purchased goods for 30,000 out of which 10,000 is paid for it. 3) sold goods worth 40,000 at 10% loss 25% of the Payment Recieved in cash. 4) Taken loan from SBI for purchasing building₹5,00, 000. 5) paid ₹ 1,05,000 to bank out of which 1/5th is principle amount Repayment toward loan. 6) commission Recieved 3000 out of which 1/3 is in advance. 7) paid rent 10,000 out of which 75% is in advance. 8) Invested in share=30, 000. 9) paid income tax = 20,000. 10) paid to creditor 5% discount
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