**Accounting Equation and Balance Sheet for the Given Transactions**

The accounting equation is a fundamental principle in accounting that represents the relationship between a company's assets, liabilities, and equity. It can be expressed as:

Assets = Liabilities + Equity

The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and equity.

Let's analyze each of the given transactions and prepare the accounting equation and balance sheet accordingly.

**1. Starting business with cash Rs 40,000:**
- Transaction: The owner brings in Rs 40,000 in cash to start the business.
- Effect on Accounting Equation:
- Increase in assets (cash) by Rs 40,000.
- Increase in equity by Rs 40,000.
- Updated Accounting Equation:
- Assets = Rs 40,000
- Liabilities = 0
- Equity = Rs 40,000

**2. Purchase goods costing Rs 3,000 in cash:**
- Transaction: The business purchases goods for Rs 3,000 in cash.
- Effect on Accounting Equation:
- Decrease in assets (cash) by Rs 3,000.
- Increase in assets (inventory) by Rs 3,000.
- No effect on equity or liabilities.
- Updated Accounting Equation:
- Assets = Rs 40,000 - Rs 3,000 = Rs 37,000
- Liabilities = 0
- Equity = Rs 40,000

**3. Sold goods costing Rs 3,000 in cash:**
- Transaction: The business sells goods for Rs 3,000 in cash.
- Effect on Accounting Equation:
- Increase in assets (cash) by Rs 3,000.
- Decrease in assets (inventory) by Rs 3,000.
- No effect on equity or liabilities.
- Updated Accounting Equation:
- Assets = Rs 37,000 + Rs 3,000 = Rs 40,000
- Liabilities = 0
- Equity = Rs 40,000

**4. Bring Rs 24,000 additional amount in cash as capital:**
- Transaction: The owner brings in Rs 24,000 in cash as additional capital.
- Effect on Accounting Equation:
- Increase in assets (cash) by Rs 24,000.
- Increase in equity by Rs 24,000.
- Updated Accounting Equation:
- Assets = Rs 40,000 + Rs 24,000 = Rs 64,000
- Liabilities = 0
- Equity = Rs 40,000 + Rs 24,000 = Rs 64,000

**5. Purchase furniture Rs 5,000 in cash:**
- Transaction: The business purchases furniture for Rs 5,000 in cash.
- Effect on Accounting Equation:
- Decrease in assets (cash) by Rs 5,000.
- Increase in assets (furniture) by Rs 5,000.
- No effect on equity or liabilities.
- Updated Accounting Equation:
- Assets = Rs 64,000 - Rs 5,000 = Rs 59,000
- Liabilities = 0
- Equity = Rs 64