Question

<!-- /* Font Definitions */ @font-face {font-family:Mangal; panose-1:0 0 4 0 0 0 0 0 0 0;} @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; font-size:12.0pt; font-family:"Times New Roman","serif";} .MsoPapDefault {margin-bottom:10.0pt; line-height:115&#37;;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} div.Section1 {page:Section1;} --> Prepare accounting equation from the following:     Rs (a) Kunal started business with cash 2,50,000 (b) He purchased furniture for cash 35,000 (c) He paid commission  2,000 (d) He purchases goods on credit 40,000 (e) He sold goods (costing Rs 20,000) for cash 26,000

Solution

<!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast;} p.msopapdefault, li.msopapdefault, div.msopapdefault {mso-style-name:msopapdefault; mso-style-unhide:no; mso-margin-top-alt:auto; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115&#37;; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast;} span.SpellE {mso-style-name:""; mso-spl-e:yes;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt;} .MsoPapDefault {mso-style-type:export-only; margin-bottom:10.0pt; line-height:115&#37;;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} -->   S.No. Explanation Assets   Liabilities + Capital Cash + Furniture + Stock     = Creditors     (a) Increase in cash 2,50,000                       Increase in capital                     2,50,000     2,50,000             = NIL + 2,50,000 (b) Increase in furniture     35,000                   Decrease in cash (35,000)                         2,15,000 + 35,000         = NIL + 2,50,000 (c) Decrease in capital (Expense)                     (2,000)   Decrease in cash (2,000)                         2,13,000 + 35,000         = NIL + 2,48,000 (d) Increase in stock         40,000               Increase in creditors                 40,000         2,13,000 + 35,000 + 40,000     = 40,000 + 2,48,000 (e) Increase in cash 26,000                       Decrease in stock         (20,000)               Increase in capital (Profit)                     6,000     2,39,000 + 35,000 + 20,000     = 40,000 + 2,54,000                               AccountancyFinancial Accounting- I - NCERT Solutions (2019)All

Suggest Corrections

0

Similar questions
View More

Same exercise questions
View More