Ask questions which are clear, concise and easy to understand.
Ask QuestionPosted by Prince Yadav 5 years, 4 months ago
- 0 answers
Posted by Sumit Gupta 5 years, 4 months ago
- 0 answers
Posted by Sukh 0094 5 years, 4 months ago
- 0 answers
Posted by Lovely Keswani 5 years, 4 months ago
- 0 answers
Posted by Manoj Agrawal 5 years, 4 months ago
- 2 answers
Harleen Kaur Gurm 5 years, 4 months ago
Posted by Nishant Jha 5 years, 4 months ago
- 5 answers
Posted by Tanya Tiwari 5 years, 4 months ago
- 2 answers
Posted by Tanya Tiwari 5 years, 4 months ago
- 2 answers
Tanya Tiwari 5 years, 4 months ago
Kavya Naina 5 years, 4 months ago
Posted by Smit Patel 5 years, 4 months ago
- 1 answers
Posted by Kajal Soni 5 years, 4 months ago
- 1 answers
Posted by Sd Antar 5 years, 4 months ago
- 1 answers
Posted by Tanya Tiwari 5 years, 4 months ago
- 1 answers
Posted by Shivi Singh 5 years, 4 months ago
- 1 answers
Gaurav Seth 5 years, 4 months ago
Prepare an Accounting Equation on the basis of the following transactions:
(i) Started business with Cash ₹ 70,000
(ii) Credit purchase of goods ₹ 18,000
(iii) Payment made to creditor ₹ 17,500 in full settlement
(iv) Purchase of Machinery for Cash ₹ 20,000
(v) Depreciation on Machinery ₹ 2,000
Solution:
Q
Posted by Nitin Kumar 5 years, 4 months ago
- 1 answers
Posted by 4S 27 5 years, 4 months ago
- 1 answers
Sahil Malik 5 years, 4 months ago
Posted by Shelly Verma 5 years, 4 months ago
- 1 answers
Posted by Lovepreet Dhaliwal 5 years, 4 months ago
- 2 answers
Komal Kaur 5 years, 4 months ago
Harleen Kaur Gurm 5 years, 4 months ago
Posted by Tanya Tiwari 5 years, 4 months ago
- 1 answers
Posted by Shivi Singh 5 years, 4 months ago
- 1 answers
Gaurav Seth 5 years, 4 months ago
ACCOUNTING EQUATION
S. No. Transaction Assets = Liabilities + Capital
Cash + Typewriter + Stock + Debtors = Creditors
(i) Started business with cash +1,20,000 + 1,20,000
1,20,000 = 1,20,000
(ii) Purchased typewriter for office use –8,000 + 8,000
1,12,000 + 8,000 = 1,20,000
(iii) Purchased goods for cash –50,000 +50,000
62,000 + 8,000 + 50,000 = 1,20,000
(iv) Purchased goods on credit +40,000 40,000
62,000 + 8,000 + 90,000 = 40,000 + 1,20,000
(v) Goods costing Rs 60,000 sold for Rs 80,000 on credit –60,000 +80,000 +20,000 (Profit)
62,000 + 8,000 + 30,000 + 80,000 = 40,000 + 1,40,000
(vi) Paid rent Rs 1,500 and salaries Rs 2,000 –3,500 –3,500 (Expenses)
58,500 + 8,000 + 30,000 + 80,000 = 40,000 + 1,36,500
(vii) Commission received +800 +800 (Income)
59,300 + 8,000 + 30,000 + 80,000 = 40,000 + 1,37,300
(viii) Withdrew cash for private use –5,000 –5,000 (Drawings)
54,300 + 8,000 + 30,000 + 80,000 = 40,000 + 1,32,300
Balance Sheet of Rajaram
as on ……
Liabilities Amount (Rs) Assets Amount (Rs)
Creditors 40,000 Cash 54,300
Capital 1,32,300 Typewriter 8,000
Stock 30,000
Debtors 80,000
1,72,300 1,72,300
Posted by Mehak Wassan 5 years, 4 months ago
- 1 answers
Gaurav Seth 5 years, 4 months ago
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which contains details about the product, quantity, agreed price of product, terms of payment, the name and address of the seller and purchaser.
Posted by Shivi Singh 5 years, 4 months ago
- 1 answers
Gaurav Seth 5 years, 4 months ago
2. Prepare accounting equation from the following:
| (a) | Kunal started business with cash | Rs.2,50000 |
| (b) | He purchased furniture for cash | Rs. 35,000 |
| (c) | He paid commission | Rs. 2,000 |
| (d) | He purchases goods on credit | Rs. 40,000 |
| (e) | He sold goods (Costing Rs.20,000) for cash | Rs. 26,000 |
Answer
Posted by Akshay Lal 5 years, 4 months ago
- 3 answers
Tanya Tiwari 5 years, 4 months ago
Gaurav Seth 5 years, 4 months ago
- <font color="#0000ff">Accounting</font>: Accounting is the art of recording, classifying, summarizing in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.
- Accounting is used to maintain a systematic record of all the financial transactions in a book of accounts.
- For this, all the transactions are recorded in chronological order in Journal and then posted to principle book i.e. Ledger.
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
