Mohit has the following transactions- prepare accounting equation beginarray lr - Rs a Business started with cash - 1-75-000 1c Sales goods on credit to Manish Costing Rs 17-500- 20-000 1e Cash paid to Rohit in full settlement - 48-500 1 Itext f Cash received from Manish - 20-000 g Rent paid - 1-000 1 h Cash withdraw for personal use - 3-00011 lendarray

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Standard XI

Mathematics

Properties of Inequalities

Mohit has the...

Question

Mohit has the following transactions , prepare accounting equation

$\begin{matrix} (R s) (a)Business started with cash & 1, 75, 000 (b) Purchased goods from Rohit & 50, 000 (c) Sales goods on credit to Manish (Costing Rs 17,500) & 20, 000 (d) Purchased furniture for office use & 10, 000 (e) Cash paid to Rohit in full settlement & 48, 500 (f) Cash received from Manish & 20, 000 (g) Rent paid & 1, 000 (h) Cash withdraw for personal use & 3, 000 \end{matrix}$

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Solution

Statement showing the effect of various transactions on Accounting Equation

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Mohit has the following transactions, prepare accounting equation:

		Rs
(a)	Business started with cash	1,75,000
(b)	Purchased goods from Rohit	50,000
(c)	Sales goods on credit to Manish (Costing Rs 17,500)	20,000
(d)	Purchased furniture for office use	10,000
(e)	Cash paid to Rohit in full settlement	48,500
(f)	Cash received from Manish	20,000
(g)	Rent paid	1,000
(h)	Cash withdrew for personal use	3,000

Q. Mohit has the following transactions, prepare Accounting Equation:

		(₹)
(a)	Business started with cash	1,75,000
(b)	Purchased goods from Rohit	50,000
(c)	Sold goods on credit to Manish (costing ₹ 17,500)	20,000
(d)	Purchased furniture for office use	10,000
(e)	Cash paid to Rohit in full settlement	48,500
(f)	Cash received from Manish	20,000
(g)	Rent paid	1,000
(h)	Cash withdrew for personal use	3,000

Prepare accounting equation from the following

$\begin{matrix} | (R s) (a) Kunal started business with cash & 2, 50, 000 (b)He purchased furniture for cash & 35, 000 (c) He paid commission & 2, 000 (d) He purchase goods on credit & 40, 000 (e) He sold goods(costing Rs 20,000) for cash & 26, 000 \end{matrix}$

Rohit has the following transactions:

		Rs
(a)	Commenced business with cash	1,50,000
(b)	Purchased machinery on credit	40,000
(c)	Purchased goods for cash	20,000
(d)	Purchased car for personal use	80,000
(e)	Paid to creditors in full settlement	38,000
(f)	Sold goods for cash costing Rs 5,000	4,500
(g)	Paid rent	1,000
(h)	Commission received in advance	2,000

Prepare the Accounting Equation to show the effect of the above transactions on the assets, liabilities and capital.

Show the accounting equation on the basis of the following transaction

$\begin{matrix} (R s) (a)Udit stated business with (i) Cash & 5, 00, 000 (ii) Goods & 1, 00, 000 (b) Purchased building for cash & 2, 00, 000 (c) Purchased goods from Himani & 50, 000 (d) Sold goods to Ashu (cost Rs 25,000) & 36, 000 (e) Paid insurance premium & 3, 000 (f) Rent outstanding & 5, 000 (g) Depreciation on building & 8, 000 (h) Cash withdrawn for personal use & 20, 000 (i)Rent received in advance & 5, 000 (j)Cash paid to Himani on account & 20, 000 (k)Cash received from Ashu & 30, 000 \end{matrix}$

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