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
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Regards,
Accounting Equation is
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,