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Prepare an accounting equation from the following transactions : 1. Mr. Vijay started business with cash 80,000 goods 30,000 and furniture 40,000 2. Purchased goods on credit from Y rupees 15,000 and on cash from X for 10,000 3. Goods purchased from X were sold for 12,000 4. Goods costing 10,000 sold at a profit of 25% on cost out of which 7,000 received in cash 5. Accrued interest 4,000?
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Prepare an accounting equation from the following transactions : 1. Mr...



Accounting Equation

Assets = Liabilities + Owner's Equity

Transactions:

1. Starting the business:
- Cash + Goods + Furniture = 80,000 + 30,000 + 40,000

2. Purchases:
- Goods purchased on credit from Y = 15,000
- Goods purchased on cash from X = 10,000

3. Sales:
- Goods purchased from X and sold = 12,000

4. Profit on Sales:
- Goods sold at a profit of 25% on cost = 10,000 * 25%
- Cash received from sales = 7,000

5. Accrued Interest:
- Accrued interest = 4,000

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Prepare an accounting equation from the following transactions : 1. Mr. Vijay started business with cash 80,000 goods 30,000 and furniture 40,000 2. Purchased goods on credit from Y rupees 15,000 and on cash from X for 10,000 3. Goods purchased from X were sold for 12,000 4. Goods costing 10,000 sold at a profit of 25% on cost out of which 7,000 received in cash 5. Accrued interest 4,000?
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Prepare an accounting equation from the following transactions : 1. Mr. Vijay started business with cash 80,000 goods 30,000 and furniture 40,000 2. Purchased goods on credit from Y rupees 15,000 and on cash from X for 10,000 3. Goods purchased from X were sold for 12,000 4. Goods costing 10,000 sold at a profit of 25% on cost out of which 7,000 received in cash 5. Accrued interest 4,000? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Prepare an accounting equation from the following transactions : 1. Mr. Vijay started business with cash 80,000 goods 30,000 and furniture 40,000 2. Purchased goods on credit from Y rupees 15,000 and on cash from X for 10,000 3. Goods purchased from X were sold for 12,000 4. Goods costing 10,000 sold at a profit of 25% on cost out of which 7,000 received in cash 5. Accrued interest 4,000? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Prepare an accounting equation from the following transactions : 1. Mr. Vijay started business with cash 80,000 goods 30,000 and furniture 40,000 2. Purchased goods on credit from Y rupees 15,000 and on cash from X for 10,000 3. Goods purchased from X were sold for 12,000 4. Goods costing 10,000 sold at a profit of 25% on cost out of which 7,000 received in cash 5. Accrued interest 4,000?.
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