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Question

Show the accounting equation on the basis of the following transaction

(Rs)(a)Udit stated business with (i) Cash5,00,000 (ii) Goods1,00,000(b) Purchased building for cash2,00,000(c) Purchased goods from Himani50,000(d) Sold goods to Ashu (cost Rs 25,000)36,000(e) Paid insurance premium3,000(f) Rent outstanding5,000(g) Depreciation on building8,000(h) Cash withdrawn for personal use20,000(i)Rent received in advance5,000(j)Cash paid to Himani on account20,000(k)Cash received from Ashu30,000

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Solution

Statement showing the effect of various transactions on Accounting Equation



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