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Prepare accounting equation from the following …

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Prepare accounting equation from the following transactions: rs. 1.prashant started business with with cash 40,000 2.purchased goods for cash 4,000 3.purchased machinery for cash 10,000 4.purchase goods on credit 2,000 5.paid salary 500

Posted by Seema Saw 5 years, 4 months ago

CBSE > Class 11 > Accountancy

2 answers

Jay Tanwani 5 years, 4 months ago

Cash=40,000, Goods=4,000+2,000 on credit so,total goods is 6,000 Machinery=10,000 Salary=500 Now we solve this: 40,000+6,000+10,000=2,000+54,000 Now, we paid salary so, we subtract 500 from cash as well as from Capital because Salary is our expenses.

Muhammad Shoaib 5 years, 4 months ago

1. In asset : cash 40000 In liability : capital 40000 2. In asset cash (40000-4000) 36000 Stock 4000 Total asset 40000 In liability : Capital 40000 3. In asset : Cash (36000-10000) 26000 Stock. 4000 Machinery 10000 Total asset 40000 (26000+4000+10000) In liability : Capital 40000 4. In asset : Cash 26000 Stock (4000+2000) 6000 Machinery 10000 Total asset 42000 In liability : Capital 40000 Creditors 2000 Total liability 42000 So on....

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