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Recording of Transactions - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 16 Marks
Question
Mohit has the following transactions, prepare accounting equation:
a.
Business started with cash
₹ 1,75,000
b.
Purchased goods from Rohit
₹ 50,000
c.
Sales goods on credit to Manish (Costing ₹ 17,500)
₹ 20,000
d.
Purchased furniture for office use
₹ 10,000
e.
Cash paid to Rohit in full settlement
₹ 48,500
f.
Cash received from Manish
₹ 20,000
g.
Rent paid
₹ 1,000
h.
Cash withdrew for personal use
₹ 3,000
(Ans: Cash ₹ 1,32,500 + Goods ₹ 32,500 + Furniture ₹ 10,000 = ₹ 1,75,000; Liabilition = Capital ₹ 1,75,000)
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