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in Accounts by (55.6k points)

Show an Accounting Equation for the following transactions:
(i) D. Mahapatra commenced business with cash of Rs. 50,000 and Rs. 1,00,000 by cheque; goods Rs. 60,000; machinery Rs. 1,00,000 and furniture Rs. 50,000.
(ii) 1/3 rd of above goods sold at a profit of 10% on cost, and half of the payment is received in cash.
(iii) Depreciation on machinery provided @ 10%.
(iv) Cash withdrawn for personal use Rs. 10,000.
(v) Interest on drawings charged @ 5%.
(vi) Goods Sold to Gupta for Rs. 10,000 and received a Bill Receivable for the same amount for 3 months.
(vii) Received Rs. 10,000 from Gupta against the Bill Receivable on its maturity.

1 Answer

+1 vote
by (57.7k points)
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Best answer

Working Note:
Rs.60,000 × 1/3 = Rs.20,000 × 110% = Rs.22,000
Half received in Cash = Rs.11,000

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