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Question 19 Chapter 3 Unimax
19. Show the accounting equation on the basis of the following transactions:
i Commenced business with cash 25,000
ii Purchased goods on credit 12,500
iii Purchased furniture for cash 1,200
iv Deposited into bank 5,000
v Sold goods (costing 7,000) on credit for 8,200
vi Withdrew cash for private use 1,500
vii Withdrew cash for office use 2,400
viii Paid salaries 700.
| Transactions | Assets | Liabilities |
+ Capital | ||||
|---|---|---|---|---|---|---|---|
| Cash | +Stock | +Furniture | +Bank | +Debtors |
Creditor | ||
| 1. started a business with cash 25,000. | 25,000 | 25,000 | |||||
| 2. Purchased goods on credit 12,500 | 12,500 | 12,500 | |||||
| 3. Purchased furniture for cash 1,200 | 1,200 | 1,200 | |||||
| 4. Deposited into bank 5,000 | 5000 | 5000 | |||||
| 5. Sold goods (costing 7,000) on credit for 8,200 | 7,000 | 8,200 | 1,200 | ||||
| 6. Withdrew cash for private use 1,500 | 1,500 | 1,500 | |||||
| 7. Withdrew cash for office use 2,400 | 2,400 | 2,400 | |||||
| 8. Paid salaries 700 | 700 | 700 | |||||
| 19,000 | 5,500 | 1,200 | 2,600 | 8,200 | 12,500 | 24,000 | |
| 36,500 | 36,500 | ||||||
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What is Accounting Equation | Example
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What is the Accounting Equation- In Hindi
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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