plz its urgent
   Prepare Accounting Equation from the following:-

Started business with cash Rs. 75, 000 & goods Rs. 25,000.

Paid rent Rs. 2,000.

Bought goods for cash Rs. 30,000 & on credit for Rs. 44,000.

Goods costing Rs. 50,000 sold at a profit of 25% out of which Rs. 27,500 received in cash.

Purchased a Motor cycle for personal use for Rs. 20,000.

Purchased furniture from Shyam for Rs.15,000.

Rent due but not received Rs.500.

Payment made to Creditors Rs.42, 000 in full settlement.

Rent paid Rs. 12,000 for 15 months.

Purchased a computer from computer plaza worth Rs. 45,000. 50% payment made in cash and remaining is to be paid three months later.

 

Dear Student,

Accounting Equation is Assets=Liabilities+Capital

 
Particulars Assets = Liabilities + Capital
  Cash Stock/Goods Debtors Furniture/Computer   Creditors for Goods/Furniture      
i) Started Business with Cash & goods 75,000 25,000     =       100,000
ii) Paid Rent -2000       =       -2000
iii) Bought Goods for Cash and credit. -30000 74,000     = 44,000      
iv) Goods sold at 25% profit 27500 -50,000 35,000   =       12,500
v) Purchased vehicle for personal use -20,000       =       -20,000
vi) Bought furniture       15000 = 15000      
vii) Rent due but not received.      500   =       500
viii) Payment made to creditors -42000       = -44000     2000
ix) Rent paid  -12000               -12000
x) Purchased computer, 50% payment made. -22500     45,000 = 22500      
  (26000) 49,000 35,500 60,000 = 37,500     81,000
 

Keep posting!

Regards,
 

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