Prepare accounting equation on the basis of the following

Asked by admin @ 13/08/2021 in Accountancy viewed by 456 People

Prepare accounting equation on the basis of following

1. harsha started business with cash 2,00,000.purchased goods from naman for cash 40,000.3.solds goods to bhanu costing 10,000,12,000. 4.bought furniture on credit 7,000 .prepare balance sheet equations

Answered by admin @ 13/08/2021

Answer:

Transaction

No. Assets = Liabilities Capital Total

Cash Stock of Goods Debtors Furniture Total

1. Harsha started business with cash ₹ 2,00,000

2,00,000 2,00,000

2,00,000 – – – 2,00,000 = – 2,00,000 2,00,000

2. Purchased goods from Naman for cash ₹ 40,000

(40,000) 40,000

1,60,000 40,000 – – 2,00,000 = – 2,00,000 2,00,000

3. Sold goods to Bhanu costing ₹ 10,000/- ₹ 12,000

(10,000) 12,000 2,000

1,60,000 30,000 12,000 – 2,02,000 = – 2,02,000 2,02,000

4. Bought furniture on credit ₹ 7,000

7,000 7,000

1,60,000 30,000 12,000 7,000 2,09,000 = 7,000 2,02,000 2,09,000

Total 2,09,000 = 2,09,000

Thus we’ve Assets = Cash ₹ 1,60,000 + Goods ₹ 30,000 + Debtors ₹ 12,000 + Furniture ₹ 7,000 = ₹ 2,09,000

Liabilities = Creditors ₹ 7,000

Capital = ₹ 2,02,000

Assets ₹ 2,09,000 = Liabilities ₹ 7,000 + Capital ₹ 2,02,000

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