Introduction:
In this question, we are given two transactions related to Krishan's business. We need to prepare accounting equations for these transactions. Accounting equations are the foundation of double-entry bookkeeping system and they help in maintaining the balance between the assets, liabilities, and owner's equity of a business.

Transaction 1: Krishan commenced business with cash 2,40,000

Analysis:
This transaction implies that Krishan has invested cash into the business as capital.

Accounting Equation:
The accounting equation represents the relationship between the assets, liabilities, and owner's equity of a business. It can be expressed as:
Assets = Liabilities + Owner's Equity

In this transaction, we have the following information:
- Assets: Cash
- Liabilities: None
- Owner's Equity: Capital (Investment by Krishan)

So, the accounting equation for this transaction can be written as:
Cash = Capital

Explanation:
When Krishan commenced the business, he invested cash of 2,40,000. This cash becomes the asset of the business. At the same time, his investment also becomes the owner's equity. Both the asset and owner's equity increase by the same amount.

Conclusion:
The accounting equation for the given transaction is Cash = Capital. This equation represents the relationship between the asset (cash) and owner's equity (capital) resulting from Krishan's investment into the business.