ACCOUNTING EQUATION
1. Record the following in the Accounting Equation
Commence business...
ACCOUNTING EQUATION
1. Record the following in the Accounting Equation
Commence business with cash Rs. 200,000 and Land Rs. 50,000.
Bought goods on credit from Salman of worth Rs. 50,000.
Purchase furniture of the value of Rs. 5,000 by cash.
Paid wages Rs. 1,000,
Sold goods on credit costing Rs. 4000 for Rs. 4500
Paid Interest on capital Rs. 2000
Paid Creditor Salman in full settlement Rs. 48,000
Sold goods costing Rs. 2000 for Rs. 1800
Outstanding wages Rs. 500
Commission received in advance Rs. 200โ
Answers: 1
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