Chapter 5 – Accounting Equations – TS Grewal 2022
Question 15
Show an accounting equation for the following transactions:
(i) D. Mahapatra commenced business with cash ₹50,000 and ₹1,00,000 by cheque; goods ₹60,000; machinery ₹1,00,000 and furniture ₹50,000.
(ii) 1/3rd of the above goods sold at a profit of 10% on cost and half of the payment is received in cash.
(iv) Cash withdrawn for personal use ₹10,000.
(v) Interest on drawings charged @5%.
(vi) Goods sold to Gupta for ₹10,000 and received a Bill receivable for the same amount for 3 months.
(vii) Received ₹10,000 from Gupta against the Bills Receivable on its maturity.
Solution:
Show an accounting equation for the following transactions
