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Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions?
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Case study Mr. X is dealer in computer Transaction. Amount - stared bu...
Accounting Equation for Mr. X's Computer Transaction
Explanation: The above transactions of Mr. X's computer business have been shown in the accounting equation. It is a balance sheet equation that displays the relationship between assets, liabilities, and owner's equity. In the first transaction, Mr. X started his business with cash, which increased the owner's equity by 100,000. In the second transaction, he deposited cash into the bank, which increased the bank balance and did not affect the owner's equity. In the third transaction, he borrowed a loan from the bank, which increased the cash balance and loan liability. In the fourth transaction, he brought goods and paid by cheque, which increased the inventory and decreased the cash balance. In the fifth transaction, he spent cash for personal use, which decreased the cash balance and increased the owner's drawing account. In the last transaction, he withdrew cash from the bank for office use, which decreased the bank balance and increased the office supplies. The accounting equation shows the impact of each transaction on the financial position of the company.
- Started Business with Cash - 100,000
- Assets = Liabilities + Owner's Equity
- Cash = 0 + 100,000
- Deposited Cash into Bank - 60,000
- Assets = Liabilities + Owner's Equity
- Cash = Bank + 60,000
- Borrowed Loan from Bank - 25,000
- Assets = Liabilities + Owner's Equity
- Cash = Bank + 35,000
- Loan = 25,000 + 0
- Brought Goods and Paid by Cheque - 10,000
- Assets = Liabilities + Owner's Equity
- Cash = Bank + 25,000
- Inventory = 10,000 + 0
- Cash Spent for Personal Use - 5,000
- Assets = Liabilities + Owner's Equity
- Cash = Bank + 20,000
- Owner's Drawings = 5,000 + 0
- Cash Withdrawn from Bank for Office Use - 3,000
- Assets = Liabilities + Owner's Equity
- Cash = Bank + 17,000
- Office Supplies = 3,000 + 0
Explanation: The above transactions of Mr. X's computer business have been shown in the accounting equation. It is a balance sheet equation that displays the relationship between assets, liabilities, and owner's equity. In the first transaction, Mr. X started his business with cash, which increased the owner's equity by 100,000. In the second transaction, he deposited cash into the bank, which increased the bank balance and did not affect the owner's equity. In the third transaction, he borrowed a loan from the bank, which increased the cash balance and loan liability. In the fourth transaction, he brought goods and paid by cheque, which increased the inventory and decreased the cash balance. In the fifth transaction, he spent cash for personal use, which decreased the cash balance and increased the owner's drawing account. In the last transaction, he withdrew cash from the bank for office use, which decreased the bank balance and increased the office supplies. The accounting equation shows the impact of each transaction on the financial position of the company.
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Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions?
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Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions?.
Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions?.
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Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions?, a detailed solution for Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions? has been provided alongside types of Case study Mr. X is dealer in computer Transaction. Amount - stared business with cash. 100000 -deposited cash into Bank. 60000 - borrowed loan from bank 25000 - brought goods and paid by cheque. 10000 - cash spent for personal use. 5000 - cash withdrawn from bank for 3000 Office use Show the accounting equation for the above each transactions? theory, EduRev gives you an
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