Accounting equation, Financial Accounting

Prove that accounting equation is satisfied in all the following transactions of Mr.X

1.    Commenced business with cash - Rs.80,000                                   
2.    Purchased goods for cash - Rs.40,000 and on credit Rs.30,000
3.    Sold goods for cash - Rs.40,000 costing Rs.25,000
4.    Paid salary - Rs.2,000 and salary outstanding Rs.1,000
5.    Bought scooter for personal use for cash at Rs.20,000

Posted Date: 3/14/2013 9:05:44 AM | Location : United States







Related Discussions:- Accounting equation, Assignment Help, Ask Question on Accounting equation, Get Answer, Expert's Help, Accounting equation Discussions

Write discussion on Accounting equation
Your posts are moderated
Related Questions
Balance Sheets: contains the balance sheets as of December 31, 2010, 2009, and 2008. Accounting practice and tradition dictates that the most current year is placed nearest to the

Suppose that the one-period rate is 4%. Explain why a two-period rate of 6% cannot be an equilibrium when individuals expect the one-period rate to remain constant.

AMALGAMATIONS Two sole traders and a partnership,two or more partnerships or a sole trader and other partnerships may combine or join together to forma a single partnership. The

Baruch Lev, who is a professor of accounting at New York University and a globally known academic for his research on financial reporting for intangibles, is that the economy has c

A lawn care company started business on January 1, 2012. The company billed clients $105,000 for lawn care services completed in 2012. By December 31, the company had received $84,

Failure to record depreciation at year end will result in all of the following except Understatement of total liabilities. Overstatement of total assets. Overstatement of net incom

Alta Velocidad Esperanza de L'Argentina, Sociedad Anónima (AVE), a high-speed railway operator domiciled in Rio Norte, Argentina, is a Foreign Private Issuer as defined by the U.S.

The common stock of Warner Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share

Pre-acquisition dividends Pre-acquisition dividends may also arise in the following situations; 1 ) Where the holding company acquires the subsidiary company’s shares cum-div

I have this assignment. Is there a cost associated for help?