Question

Prepare Accounting Equation from the following:
(a) Started business with cash Rs. 1,00,000.
(b) Purchase goods for cash Rs. 20,000 and on credit Rs. 30,000.
(c) Sold goods for cash costing Rs. 10,000 and on credit costing Rs. 15,000 both at a profit of 20%.
(d) Paid salaries Rs. 8,000.

Answer 1

(a) Started business with cash Rs. 1,00,000.
(b) Purchase goods for cash Rs. 20,000 and on credit Rs. 30,000.
(c) Sold goods for cash costing Rs. 10,000 and on credit costing Rs. 15,000 both at a profit of 20%.
(d) Paid salaries Rs. 8,000.