Kristen Willis Sep 15, 2021

# Journala. Business started with cash Rs. 20,000 and bank balance of rs. 15,000b. Goods purchased for Rs. 12,000 from Ramc. Goods purchased for Rs. 20,000 from sadip and paid cash Rs 12,000 only4. Goods purchased For Rs. 20,000 from hari5. Goods returned to shyam Rs 2,0006. Goods sold to mohan Rs 18,0007. Cash paid to rachana in full settlement Rs 7,900 please Decideme no spam​

The time for answering the question is over

ACCOUNTING EQUATION

S. No. Transaction Assets = Liabilities + Capital

Cash + Furniture + Stock = Creditors

(i) Sandeep started business with cash 1,00,000 + 1,00,000

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

(ii) Purchased furniture for cash –5,000 +5,000

95,000 + 5,000 = + 1,00,000

(iii) Purchased goods for cash –20,000 +20,000

75,000 + 5,000 + 20,000 = + 1,00,000

(iv) Purchased goods on credit +36,000 +36,000

75,000 + 5,000 + 56,000 = 36,000 + 1,00,000

(v) Rent paid -700 –700

74,300 + 5,000 + 56,000 = 36,000 + 99,300

(vi) Goods costing Rs 40,000 sold at a profit of 20% for cash +48,000 -40,000 +8,000

1,22,300 + 5,000 + 16,000 = 36,000 + 1,07,300

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Barker
Sep 15, 2021