wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Prepare accounting equation from the following
(i) Started business with cash Rs. 1,00,000 and machinery Rs. 80,000.
(ii) Purchased goods for cash Rs. 20,000 and on credit Rs. 30,000.
(iii) Sold goods for cash costing Rs. 10,000 and on credit costing Rs. 15,000 both at a profit of 20%
(iv) Cash withdrawn for personal use Rs. 10,000.
(v) Accrud interest Rs. 2,000.
(vi) Rent received in advance Rs. 1,000.
(vii) Interest on capital @ 10% (only on cash introduced as capital).
(viii) Interest on drawings charged @ 5% (Total drawings till now is Rs. 10,000).
(ix) Depreciation on machinery provided @ 10%.
(x) Rent paid in cash Rs. 1,000 and rent outstanding Rs. 500.
(xi) Prepaid insurance Rs. 1,000.
(xii) Bad debts written off Rs. 1,000.

Open in App
Solution



flag
Suggest Corrections
thumbs-up
182
similar_icon
Similar questions
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Trial Balance
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon