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Prepare Accounting Equations from the following a) Started business with casRs 1,00,000 b) Purchased goods for cash Rs 20000 and on credit Rs 30000 c) Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both a profit of 20 %.?
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Prepare Accounting Equations from the following a) Started business wi...
Accounting Equations
- Assets = Liabilities + Owner's Equity
- Revenue - Expenses = Net Income
Explanation
Started business with cash Rs 1,00,000
This transaction increases the cash balance of the business, which is an asset. There is no change in liabilities or owner's equity.
- Cash + Rs 1,00,000
Purchased goods for cash Rs 20,000 and on credit Rs 30,000
This transaction increases the inventory, an asset, and the accounts payable, a liability.
- Cash - Rs 20,000
- Inventory + Rs 20,000
- Accounts Payable + Rs 30,000
Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both at a profit of 20%
This transaction increases the cash balance, an asset, and the revenue account, which increases owner's equity. The cost of goods sold, an expense, is also recorded.
- Cash + Rs 25,000
- Accounts Receivable + Rs 15,000
- Revenue + Rs 30,000
- Cost of Goods Sold - Rs 20,000
Final Accounting Equations
The final accounting equations can be calculated by adding up the changes in each account.
- Assets = Cash + Inventory = Rs 1,05,000
- Liabilities = Accounts Payable = Rs 30,000
- Owner's Equity = Revenue - Expenses = Rs 10,000
- Net Income = Revenue - Expenses = Rs 10,000 - Rs 20,000 = -Rs 10,000
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Prepare Accounting Equations from the following a) Started business with casRs 1,00,000 b) Purchased goods for cash Rs 20000 and on credit Rs 30000 c) Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both a profit of 20 %.?
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Prepare Accounting Equations from the following a) Started business with casRs 1,00,000 b) Purchased goods for cash Rs 20000 and on credit Rs 30000 c) Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both a profit of 20 %.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Prepare Accounting Equations from the following a) Started business with casRs 1,00,000 b) Purchased goods for cash Rs 20000 and on credit Rs 30000 c) Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both a profit of 20 %.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Prepare Accounting Equations from the following a) Started business with casRs 1,00,000 b) Purchased goods for cash Rs 20000 and on credit Rs 30000 c) Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both a profit of 20 %.?.
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