1 - mayank started business with cash 100000 opened a bank account and transferred 400000from his saving account - Economics - Introduction

Question

1 - mayank started business with cash 100000
opened a bank account and transferred 400000from his saving
account

2- purchased a building from sohan for 1200000 paid by taking a
loan from SBI

3- paid intrest on loan 20000 anf instalment of 100000 by
cheque

4- purchased goodsfrom rohan on credit 100000

5- sold goods costing 40000 for 50000 on credit to ram

6- accured intrest 5000

prepare accounting equation ftom the following

Neha Arora · Accepted Answer

Dear Student,

S
No
Transaction

Assets
=

Liabilities
+
Capital

Cash
+
Bank
+
Building
+
Stock
+
Debtors
+
Accrued
Interest
=
Loan from
SBI
+
Creditors
+
Capital

(1)
Started business with
cash
1,00,000
+

+
-
+
-
+
-
+
-
=
-
+
-
+
1,00,000

(1)
Opened bank account and transferred from
Savings A/c
-
+
4,00,000
+
-
+
-
+
-
+
-
=
-
+
-
+
4,00,000

1,00,000
+
4,00,000
+
-
+
-
+
-
+
-
=
-
+
-
+
5,00,000

(2)
Purchased building by taking a loan from
SBI
-
+

+
1,20,000
+
-
+
-
+
-
=
1,20,000
+
-
+
-

1,00,000
+
4,00,000
+
1,20,000
+
-
+
-
+
-
=
1,20,000
+
-
+
5,00,000

(3)
Paid interest on loan and loan instalment by
cheque
-
+
(1,20,000)
+
-
+
-
+
-
+
-
=
(1,00,000)
+
-
+
(20,000)

1,00,000
+
2,80,000
+
1,20,000
+
-
+
-
+
-
=
20,000
+
-
+
4,80,000

(4)
Purchased on
credit
-
+
-
+
-
+
1,00,000
+
-
+
-
=
-
+
1,00,000
+
-

1,00,000
+
2,80,000
+
1,20,000
+
1,00,000
+
-
+
-
=
20,000
+
1,00,000
+
4,80,000

(5)
Sold goods on credit at
profit
-
+
-
+
-
+
(40,000)
+
50,000
+
-
=
-
+
-
+
10,000

1,00,000
+
2,80,000
+
1,20,000
+
60,000
+
50,000
+
-
=
20,000
+
1,00,000
+
4,90,000

(6)
Accrued
Interest
-
+
-
+
-
+
-
+
-
+
5,000
=
-
+
-
+
5,000

1,00,000
+
2,80,000
+
1,20,000
+
60,000
+
50,000
+
5,000
=
20,000
+
1,00,000
+
4,95,000

S. No.	Transaction	Assets											=	Liabilities			+	Capital
S. No.	Transaction	Cash	+	Bank	+	Building	+	Stock	+	Debtors	+	Accrued Interest	=	Loan from SBI	+	Creditors	+	Capital
(1)	Started business with cash	1,00,000	+		+	-	+	-	+	-	+	-	=	-	+	-	+	1,00,000
(1)	Opened bank account and transferred from Savings A/c	-	+	4,00,000	+	-	+	-	+	-	+	-	=	-	+	-	+	4,00,000
		1,00,000	+	4,00,000	+	-	+	-	+	-	+	-	=	-	+	-	+	5,00,000
(2)	Purchased building by taking a loan from SBI	-	+		+	1,20,000	+	-	+	-	+	-	=	1,20,000	+	-	+	-
		1,00,000	+	4,00,000	+	1,20,000	+	-	+	-	+	-	=	1,20,000	+	-	+	5,00,000
(3)	Paid interest on loan and loan instalment by cheque	-	+	(1,20,000)	+	-	+	-	+	-	+	-	=	(1,00,000)	+	-	+	(20,000)
		1,00,000	+	2,80,000	+	1,20,000	+	-	+	-	+	-	=	20,000	+	-	+	4,80,000
(4)	Purchased on credit	-	+	-	+	-	+	1,00,000	+	-	+	-	=	-	+	1,00,000	+	-
		1,00,000	+	2,80,000	+	1,20,000	+	1,00,000	+	-	+	-	=	20,000	+	1,00,000	+	4,80,000
(5)	Sold goods on credit at profit	-	+	-	+	-	+	(40,000)	+	50,000	+	-	=	-	+	-	+	10,000
		1,00,000	+	2,80,000	+	1,20,000	+	60,000	+	50,000	+	-	=	20,000	+	1,00,000	+	4,90,000
(6)	Accrued Interest	-	+	-	+	-	+	-	+	-	+	5,000	=	-	+	-	+	5,000
		1,00,000	+	2,80,000	+	1,20,000	+	60,000	+	50,000	+	5,000	=	20,000	+	1,00,000	+	4,95,000