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Question
Give the accounting equation for the following transactions:
- Mr. Vaibhav started the business with Cash of ₹ 1,00,000.
- Purchased goods on credit from Rita Stores ₹ 9,000.
- Purchased Laptop for office use ₹ 10,000.
- Sold goods to Rina on credit ₹ 12,000.
- Received Interest ₹ 2,500.
- Paid Telephone bill ₹ 1,300.
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Solution
| Sr. No. | Transactions | Assets (₹) |
= | Liabilities (₹) |
+ | Capital (₹) |
| (1) | Mr. Vaibhav started business with Cash ₹ 1,00,000. | 1,00,000 | = | 0 | + | 1,00,000 |
| 1,00,000 | = | 0 | + | 1,00,000 | ||
| (2) | Purchased goods on credit from Rita Stores ₹ 9,000. | (+) 9,000 | (+) 9,000 | 0 | ||
| 1,09,000 | = | 9,000 | + | 1,00,000 | ||
| (3) | Purchased Laptop for office use ₹ 10,000 | (+) 10,000 | ||||
| (-) 10,000 | 0 | 0 | ||||
| 1,09,000 | = | 9,000 | + | 1,00,000 | ||
| (4) | Sold goods to Rina on-credit ₹ 12,000. | (-) 12,000 | ||||
| (+) 12,000 | 0 | 0 | ||||
| 1,09,000 | = | 9,000 | + | 1,00,000 | ||
| (5) | Received Interest ₹ 2,500 | (+) 2,500 | = | 0 | (+) 2,500 | |
| 1,11,500 | = | 9,000 | + | 1,02,500 | ||
| (6) | Paid Telephone bill ₹ 1,300 | (-) 1,300 | = | 0 | + | (-) 1,300 |
| Total | 1,10,200 | = | 9,000 | + | 1,01,200 |
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|
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|
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| 4. | Sold goods for cash ₹ 5,000 | ? | = | ? | + | ? |
| 5. | Loan taken from Bank ₹ 7,000 | ? | = | ? | + | ? |
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| 1. Started business with Cash ₹ 50,000 | ? | = | ? | + | 50,000 |
| 2. Purchased goods of ₹ 10,000 | ? | = | ? | + | ? |
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| 4. Sold goods for cash ₹ 5,000 | ? | = | ? | + | ? |
| 5. Loan taken from Bank ₹ 7,000 | ? | = | ? | + | ? |
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| 2. Purchased goods of ₹ 10,000 | ? | = | ? | + | ? |
| 3. Goods stolen ₹ 1,000 | ? | = | ? | + | ? |
| 4. Sold goods for cash ₹ 5,000 | ? | = | ? | + | ? |
| 5. Loan taken from Bank ₹ 7,000 | ? | = | ? | + | ? |
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| 2. | Purchased goods of ₹ 10,000 | ? | = | ? | + | ? |
| 3. | Goods stolen ₹ 1,000 | ? | = | ? | + | ? |
| 4. | Sold goods for cash ₹ 5,000 | ? | = | ? | + | ? |
| 5. | Loan taken from Bank ₹ 7,000 | ? | = | ? | + | ? |
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| 1. | Started business with Cash ₹ 50,000 | ? | = | ? | + | 50,000 |
| 2. | Purchased goods of ₹ 10,000 | ? | = | ? | + | ? |
| 3. | Goods stolen ₹ 1,000 | ? | = | ? | + | ? |
| 4. | Sold goods for cash ₹ 5,000 | ? | = | ? | + | ? |
| 5. | Loan taken from Bank ₹ 7,000 | ? | = | ? | = | ? |
