for the folowing prove the accounting equation
started buisness with cash for rs 500000
paid into the bank for rs 100000
purchased machinery for cash rs 20000
purchased goods for cash rs 100000
sold goods for cash rs 240000
prove the accounting equation for the followimg transaction
commenced buisness with cash rs 40000, goods rs 20000 and furniture rs 1000
sold goods to vikram on credit costing rs 400 for rs 500
paid salary in advance rs 500
rent outstanding rs 100
charge depriceation pn furniture rs 100
goods lost by fire rs 500
purchased household furniture for rs15000
giving rs 5000 in cash and balance through a loan
thanxs for answering my previous question
please answer this in traditional method
thanxs once again
(a)
S. No. | Transaction | Assets | = | Liabilities | + | Capital | ||||||
Cash | + | Bank | + | Machinery | + | Stock | = | Creditors |
|
| ||
(i) | Started business with cash for Rs 5,00,000 | 5,00,000 |
|
|
|
|
| 5,00,000 | ||||
|
| 5,00,000 |
|
|
|
|
| 5,00,000 | ||||
(ii) | Paid into the bank for Rs 100000 | (1,00,000) |
| 1,00,000 |
|
|
|
|
| |||
|
| 4,00,000 |
| 1,00,000 |
|
|
|
| 5,00,000 | |||
(iii) | Purchased machinery for cash Rs 20000 | (20,000) |
|
| 20,000 |
|
|
|
| |||
|
| 3,80,000 |
| 1,00,000 |
| 20,000 |
|
|
| 5,00,000 | ||
(iv) | Purchased goods for cash Rs 100000 | (1,00,000) |
|
|
| 1,00,000 |
|
|
|
| ||
|
| 2,80,000 |
| 1,00,000 |
| 20,000 |
| 1,00,000 |
|
| 5,00,000 | |
(v) | Sold goods for cash Rs 240000 | 2,40,000 |
|
|
| (1,00,000) |
|
| 1,40,000 | |||
|
| 5,20,000 |
| 1,00,000 |
| 20,000 |
|
|
| 6,40,000 | ||
(b)
S. No. | Transaction | Assets | = | Liabilities | + | Capital | ||||||||||
Cash | + | Advance Salary | + | Stock | + | Furniture | + | Vikram | = | Loan | + | Outstanding Rent |
|
| ||
(i) | Commenced business with cash Rs 40000, goods Rs 20000 and furniture Rs 1000 | 40,000 |
|
|
| 20,000 |
| 1,000 |
|
|
|
|
|
|
| 61,000 |
|
| 40,000 |
|
|
| 20,000 |
| 1,000 |
|
|
|
|
|
|
| 61,000 |
(ii) | Sold goods to Vikram on credit costing Rs 400 for Rs 500 |
|
|
|
| (400) |
|
|
| 500 |
|
|
|
|
| 100 |
|
| 40,000 |
|
|
| 19,600 |
| 1,000 |
| 500 |
|
|
|
|
| 61,100 |
(iii) | Paid salary in advance Rs 500 | (500) |
| 500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 39,500 |
| 500 |
| 19,600 |
| 1,000 |
| 500 |
|
|
|
|
| 61,100 |
(iv) | Rent outstanding Rs 100 |
|
|
|
|
|
|
|
|
|
|
|
| 100 |
| (100) |
|
| 39,500 |
| 500 |
| 19,600 |
| 1,000 |
| 500 |
|
|
| 100 |
| 61,000 |
(v) | Charge depreciation on furniture Rs 100 |
|
|
|
|
|
| (100) |
|
|
|
|
|
|
| (100) |
|
| 39,500 |
| 500 |
| 19,600 |
| 900 |
| 500 |
|
|
| 100 |
| 60,900 |
(vi) | Goods lost by fire Rs 500 |
|
|
|
| (500) |
|
|
|
|
|
|
|
|
| (500) |
|
| 39,500 |
| 500 |
| 19,400 |
| 900 |
| 500 |
|
|
| 100 |
| 60,400 |
(vii) | Purchased household furniture for Rs 15000 giving Rs 5000 in cash and balance through a loan | (5,000) |
|
|
|
|
|
|
|
|
| 10,000 |
|
|
| (15,000) |
|
| 34,500 |
| 500 |
| 19,400 |
| 900 |
| 500 |
| 10,000 |
| 100 |
| 45,400 |