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Jamy has purchased a car for Rs. 5,00,000 which he got financed from a bank the extent of Rs. 4,00,000. How will it be shown in the accounting equation? (3)

Posted by Saksham Jain 5 years ago

CBSE > Class 11 > Accountancy

1 answers

Gaurav Seth 5 years ago

Jamy has purchased a car for Rs. 5,00,000 which he got financed from a bank the extent of Rs. 4,00,000. How will it be shown in the accounting equation?
A n s w e r :
Car increase by 5,00,000.
Loan increase by 4,00,000.

Balance 1,00,000 is paid in cash.. hence, bank balance is reduced by 1,00,000.

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