Indicate how Accounting Equation is affected if payment is made to a creditor?

Which account should be debited, if wages are paid for installation of a machine?

Rent is paid by cheque. Which account will be credited and why?

What journal entry is passed in case of purchase of goods within the state?

Indicate how Accounting Equation is affected if cash is received against services rendered?

If total assets of the business are ₹ 4,50,000 and outside liabilities are ₹ 2,00,000, calculate owner's equity.

Which of the following equations are correct?

1. Assets = Capital + Liabilities
2. Assets = Capital - Liabilities
3. Assets = Liabilities - Capital
4. Capital = Assets - Liabilities
5. Capital = Assets + Liabilities
6. Liabilities = Capital + Assets
7. Liabilities = Capital - Assets
8. Liabilities = Assets - Capital

Define a Cheque.

What is an accounting equation?

If total assets of a business are ₹ 10,00,000 and capital is ₹ 4,00,000, calculate creditors.