Reference no: EM132542547
Question 1: Show the Accounting Equation on the basis of the following transactions and prepare Balance Sheet.
Rs.
1. Maharajan commenced business with cash 2,50,000
2. Purchased goods for cash 70,000
3. Purchased goods on credit 80,000
4. Purchased furniture for cash 30,000
5. Paid rent 22,000
6. Sold goods for cash (costing Rs.45,000) 60,000
7. Paid to creditors 20,000
8. Withdrew cash for private use 10,000
9. Paid salaries 25,000
10. Sold goods on credit (cost price Rs.60,000) 80,000
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