Question

Required: Accounting equation Ans: assets, capital, liabilities SE-2. You are provided the following information: i. Commencement of business with bank balance Rs. 1,00,00 ii. Purchased goods on credit Rs 40,000 iii. Sold goods of Rs. 20,000 on credit. iv. Purchased furniture of Rs. 60,000 on credit. v. Sold furniture on credit Rs 10,000​

Answer 1

Answer:

particular. l.f. Dr. rs. Cr. rs.

I) bank a/c. 1,00,00.

to capital a/c. 1,00,00

( being business started with bank balance)

II) purchase a/c 40,000.

to bank a/c. 40,000

(being goods purchased on credit)

III) BANK A/C 20,000.

TO GOODS A/C 20,000

(BEING GOODS SOLD ON CREDIT)

IV) FURNITURE A/C. 60,000.

TO BANK A/C. 60,000

(BEING FURNITURE PURCHASED ON CREDIT)

V) BANK A/C. 10,000.

TO FURNITURE A/C 10,000

(BEING FURNITURE SOLD ON CREDIT)

HOPE IT HELPS IM ALSO NOT COMPLETELY PERFECT AT IT