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what is the answer of 3.47 page juneja and chawla practical problems question 1?
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what is the answer of 3.47 page juneja and chawla practical problems q...
Solution for Juneja and Chawla Practical Problems Question 1
The question requires us to analyze the given transactions and record them in the accounting equation format. Let's break down the transactions and record them in the accounting equation format.
Transaction 1: Started business with cash of Rs. 50,000
Assets (Cash) increase by Rs. 50,000
Owner's Equity (Capital) increase by Rs. 50,000
Transaction 2: Purchased goods for cash of Rs. 20,000
Assets (Inventory) increase by Rs. 20,000
Assets (Cash) decrease by Rs. 20,000
Transaction 3: Sold goods for cash of Rs. 25,000
Assets (Cash) increase by Rs. 25,000
Owner's Equity (Revenue) increase by Rs. 25,000
Transaction 4: Purchased goods for credit of Rs. 15,000
Assets (Inventory) increase by Rs. 15,000
Liabilities (Accounts Payable) increase by Rs. 15,000
Transaction 5: Paid salary of Rs. 3,000
Assets (Cash) decrease by Rs. 3,000
Expenses (Salary) increase by Rs. 3,000
Transaction 6: Received cash from a debtor of Rs. 10,000
Assets (Cash) increase by Rs. 10,000
Liabilities (Accounts Receivable) decrease by Rs. 10,000
Transaction 7: Paid rent for the month of Rs. 2,000
Assets (Cash) decrease by Rs. 2,000
Expenses (Rent) increase by Rs. 2,000
Transaction 8: Withdrew cash for personal use of Rs. 5,000
Assets (Cash) decrease by Rs. 5,000
Owner's Equity (Withdrawals) increase by Rs. 5,000
HTML Bullets:
Transaction 1: Started business with cash of Rs. 50,000
Transaction 2: Purchased goods for cash of Rs. 20,000
Transaction 3: Sold goods for cash of Rs. 25,000
Transaction 4: Purchased goods for credit of Rs. 15,000
Transaction 5: Paid salary of Rs. 3,000
The question requires us to analyze the given transactions and record them in the accounting equation format. Let's break down the transactions and record them in the accounting equation format.
Transaction 1: Started business with cash of Rs. 50,000
Assets (Cash) increase by Rs. 50,000
Owner's Equity (Capital) increase by Rs. 50,000
Transaction 2: Purchased goods for cash of Rs. 20,000
Assets (Inventory) increase by Rs. 20,000
Assets (Cash) decrease by Rs. 20,000
Transaction 3: Sold goods for cash of Rs. 25,000
Assets (Cash) increase by Rs. 25,000
Owner's Equity (Revenue) increase by Rs. 25,000
Transaction 4: Purchased goods for credit of Rs. 15,000
Assets (Inventory) increase by Rs. 15,000
Liabilities (Accounts Payable) increase by Rs. 15,000
Transaction 5: Paid salary of Rs. 3,000
Assets (Cash) decrease by Rs. 3,000
Expenses (Salary) increase by Rs. 3,000
Transaction 6: Received cash from a debtor of Rs. 10,000
Assets (Cash) increase by Rs. 10,000
Liabilities (Accounts Receivable) decrease by Rs. 10,000
Transaction 7: Paid rent for the month of Rs. 2,000
Assets (Cash) decrease by Rs. 2,000
Expenses (Rent) increase by Rs. 2,000
Transaction 8: Withdrew cash for personal use of Rs. 5,000
Assets (Cash) decrease by Rs. 5,000
Owner's Equity (Withdrawals) increase by Rs. 5,000
HTML Bullets:
Transaction 1: Started business with cash of Rs. 50,000
- Assets (Cash) increase by Rs. 50,000
- Owner's Equity (Capital) increase by Rs. 50,000
Transaction 2: Purchased goods for cash of Rs. 20,000
- Assets (Inventory) increase by Rs. 20,000
- Assets (Cash) decrease by Rs. 20,000
Transaction 3: Sold goods for cash of Rs. 25,000
- Assets (Cash) increase by Rs. 25,000
- Owner's Equity (Revenue) increase by Rs. 25,000
Transaction 4: Purchased goods for credit of Rs. 15,000
- Assets (Inventory) increase by Rs. 15,000
- Liabilities (Accounts Payable) increase by Rs. 15,000
Transaction 5: Paid salary of Rs. 3,000
- Assets (Cash) decrease by Rs. 3,000
- Expenses (Salary) increase by Rs.
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what is the answer of 3.47 page juneja and chawla practical problems q...
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what is the answer of 3.47 page juneja and chawla practical problems question 1? Related: Recording Of Transactions – I - Accounting Equation Solutions?
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