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Debtor 7. The Accounting Equation, Assets = Liabilities + Owners Equity means that the total assets of the business are always equal to the total liabilities plus the equity of the business. The accounting records will show the following bookkeeping entries for the cash received on account from the customer: Download the latest available release of our FREE Simple Bookkeeping Spreadsheet by subscribing to our mailing list. Find out his Capital as on 31st March, 2014 and profit earned during the year 2013-14. 1 Chapter 2 The accounting equation (會計等式) 2.1 Accounting Terms (會計術語) Class work 1 1. The accounting equation also indicates that the company's creditors have a claim of $7,120 and the owner has a residual claim of $10,080. Accounting is based on the principle of two-sided. It will later be allocated to an invoice posted on the account of the customer. Purchased goods from Raghubir on credit for ₹ 16,000. ADVERTISEMENTS: 2. Opening Capital (Capital as on 1st April, 2011) = Rs 5,00,000. 1. Working Note: Problem 2: From the following particulars make cash book of Ghulam Fatima Trading Co. for the month of November, 2016: 1 Cash balance (Cr) Rs. 2020 Applect Learning Systems Pvt. Goods costing ₹75,000 sold at a profit of 3313%. 2. Half the payment received in cash. If the owner is the only one who contributed, then the equation A = … (i) Started business with cash Rs.18, 000 (ii) Paid rent in advance Rs.400 Cash, Loan, Creditors c. Creditors, Loan, Bank Overdraft, Bills Payable d. Prepaid Rent, Salary, Outstanding Bills receivables Accounting Equation … (ii) Purchased goods from Gopal on Credit ₹ 40,000. View NCERT Solutions for all chapters of Class 13. (b) Paid rent ₹ 4,000 including ₹ 1,000 as advance. Dec 22,2020 - Prepare Accounting Equation. (v) Interest on drawings charged @ … It requests you to calculate cash received from customers during the year 2016. The accounting equation is, Assets = Equity + Liabilities * The value of assets, liabilities and equity are changed due to business transactions. According to the cash basis, the income would have been recorded when the cash was finally received in January (the following year). (i) Started a business with cash ₹ 1,00,000 and goods worth ₹ 20,000. 3. (v) Interest on drawings charged @ 5%. Bought goods for cash ₹ 30,000 and on credit for ₹ 44,000. WN1 Calculation of Sale Price. However, we usually work with positive amounts in accounting. 1,800 would be received at near future. (i) Increase in an asset and a liability. Paid for Rent ₹2,000 and for salaries ₹4,000. Prepaid expenses . 6. (ii) Purchased goods for Cash ₹ 40,000 and on Credit ₹ 25,000. 1. Ltd. (a) Motor vehicles (b) Premises (c) Creditors (d) Debtors (e) Money owed to a bank (f) Cash in hand (g) Loan from L Chan (h) Machinery Assets: (a), (b), (d), (f) and (h) Liabilities: (c), (e) and (g) 2.3 The accounting equation (會計等式) … WN1 Calculation of Selling Price. (vi) Received Cash from Debtors ₹ 15,000. Purchased goods on credit from Raghubir, Goods (costing Rs 50,000) sold at a profit of 25% on cost, Purchased goods for cash and on credit from Karan, Goods costing Rs 40,000 sold for Rs 55,000, Sold goods for Cash (cost price was ₹ 3,000), Sold goods (costing Rs 3,000) for Rs 4,000, Goods costing Rs 48,000 sold at a profit of, Goods costing Rs 20,000 sold at a loss of 5% out of which Rs 12,000  were received in cash, Started business with cash, goods and furniture, Sold goods (costing Rs 30,000) for cash Rs 40,000, Sold goods (costing Rs 50,000) to Ram for Rs 65,000, Paid for printing Rs 500 and received commission Rs 1,200, Value of furniture was reduced by ₹ 5,000, Paid rent Rs 4,000 including Rs 1,000 as advance, Purchased goods for cash Rs 30,000 and on credit Rs 20,000, Sold goods (costing Rs 20,000) for Rs 25,000, Purchased furniture Rs 10,000 for office use and Rs 5,000 for domestic use. 60,000 . 2. Prepare accounting equation from the following: Therefore, business transactions affect the accounting equation. In this case one asset cash increases as the cash is received by the business and another asset (accounts receivable) decreases representing money received from the customer to be allocated against customer invoices at a later date. Cash . (viii) Paid for printing ₹ 500 and received Commission ₹ 1,200. Liabilities Accounts: Liabilities are the amounts that an entity owes to the … Received ₹ 800 for Commission. 4. On 31st March, 2012, his assets were ₹ 8,00,000. Raghu started business with Cash ₹1,50,000. (ii) Purchased goods for cash ₹ 60,000 and on credit ₹ 30,000. The funds owned by the company are called assets. (d) Paid for Rent ₹ 5,000. 4. Answer: hi buddy. The result of this transaction is - cash (asset) increased by $40,000 and debtor (asset) decreased by $40,000. Purchased machinery and equipment for cash. For example, when a company is started, its ass… Use Accounting Equation to show the effect of the following transactions of M/s Royal Traders :Prepare. Y started a business on 1st April, 2013 with a Capital of ₹ 2,00,000 and a loan of ₹ 75,000 from the bank. Reply. *It is assumed that loan borrowed from Citi Bank has not been paid till the end of the accounting year. Capital = Rs. (iv) Decrease in assets and capital. (ii) Decrease in an asset and a liability. From the following transactions, state the nature of accounts and state the accounts which will be debited and credited: (b) Credit purchase of goods ₹ 18,000. Started business with cash ₹ 75,000 and goods ₹ 25,000. (adsbygoogle = window.adsbygoogle || []).push({}); The received cash on account journal entry will be as follows. Explanation: The effect of the transaction on the accounting equation is as follows: Assets + (Cash in bank increases) Assets – (Debtors' debt decreases) hopehelpfulforyou. (c) Deposited into bank account ₹ 1,80,000. Debtors or accounts receivable . Accounting Equation Presentation 1. While posting the journal entry for recovery of bad debts it is important to note that it is treated as a gain to the business & that the debtor should not be credited as in case of sales.. Cash received from the debtor $40,000. If total assets of a business are ₹ 1,30,000 and capital is ₹ 80,000, calculate creditors. 75,000. Hence, this forms the basis of a lot of analysis to market investors, financial analysts, research analysts, and other financial institutions. Purchased goods from Raghubir on credit for ₹ 50,000. On which side the increase in the following accounts will be recorded? Since cash is received, The available cash increases from 5,000 to 13,000. (iii) Goods costing ₹ 48,000 sold at a profit of 3313%. 4. Accounting equation can be simply defined as a relationship between assets, liabilities and owner’s equity in the business. (c) Payment made to creditors in full settlement ₹ 17,500. This basic accounting equation is the TRUE basics of accounting. Opening Capital (Capital as on 1st April, 2013) = Rs 2,00,000. (b) Sold goods to Hari on credit ₹ 20,000. This means that each debit has an equal credit and vice-versa. (a) Started business with cash ₹ 50,000 and goods ₹ 30,000. 7. (d) Purchased goods from Krishan for cash ₹ 10,000. Prepare Accounting Equation from the following: He sold goods (Costing ₹ 20,000) for cash. Show the Accounting Equation for the following transactions of Ritesh for the year 2012. 5. (vi) Salary paid in advance ₹ 3,000. Paid research and development expenses for the current year. (d) Sold the goods bought on credit for ₹ 25,000. Part of these assets is provided by the owner, total amount of funds contributed by him is called owner’s equity or capital. Cash has been received by the business and needs to be debited to the asset account of cash. This is true at any time and applies to each transaction. (i) Commenced business with Cash ₹ 20,000; Goods ₹ 50,000 and Furniture ₹ 30,000. (x) Paid to Gopal ₹ 30,000. Goods costing ₹ 60,000 sold for ₹ 80,000 on credit. Also mention the nature of account:−, On which side the decrease in the following accounts will be recorded? The 'basic accounting equation' is the foundation for the double-entry bookkeeping system. 29,500 + 500 + 50,000 = 20,000 + 60, 000 (iv) Prepare Accounting Equation from the following:-, Goods costing ₹ 40,000 sold at a profit of 20% for cash, Working Note: Put the following on the proper side of Cash account, Debtor's account and Creditor's account: (vii) Received cash from Rajesh Rs.500 (viii)Withdrew cash for private use Rs.2, 200 (ix) Received rent from tenants Rs.2,500 (x) Purchased goods from Murali for cash Rs.1, 500. He then received 8,000 payment from M/s Bharat & Co. Accounting interpretation of the transaction . On the other hand it also decreases the business assets (debtors). 3,700; Credit sales Rs. 2,000; Bank balance Rs. (iii) Sold goods for cash ₹ 40,000; costing ₹ 24,000. (ix) Introduced fresh Capital ₹ 40,000. (b) Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000. 4. This is true at any time and applies to each transaction. Show the accounting equation on the basis of the following transactions and present a Balance Sheet of the last new equation balance: Prove that the accounting equation is satisfied in the following transactions:−. If in the above case, the proprietor had introduced fresh capital of ₹ 40,000 and had withdrawn ₹ 10,000 for personal purposes, calculate his profits. In other words, the debtor has a debt or legal obligation to pay the amount owed. ... Q1 Asset cash furniture goods debtor bank machinery Liability creditor bank loan Capital capital Asset cash furniture motor ... Sold goods for cash 20000 0 New equation Sold goods on credit to Mr. Jay 20000 0 New equation Paid cash to Mr. Mayank 20000 0 New equation Cash received from Mr. Jay 20000 0 … (a) Started business with cash ₹ 1,40,000 and Stock ₹ 2,50,000. 7. Email: admin@double-entry-bookkeeping.com. Accounts receivable on December 31, 2015: $62,000 Accounts receivable on December 31, 2016: $70,000 … Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet on the last new equation balance: Solution: Question 14. Opening Capital (Capital as on March 31, 2011) = Rs 3,00,000. 20,000, Machinery Rs. 1. All questions and answers from the Accountancy Dk Goel 2018 Book of Class 11 Commerce Accountancy Chapter 1 are provided here for you for free. For example, suppose a business provides design services and has received cash of 4,000 from a customer. 3. Received cash from M/s Bharat & Co., on account, 8,000. Opening Capital (Capital as on 1st April, 2011) = Rs 5,00,000 1. 2. Show the accounting equation on the basis of the following transactions and also show the Balance Sheet: 10000 ? 25,000, Capital Rs. If the Capital of a business is ₹ 1,20,000 and Outside liabilities are ₹ 20,000, calculate total assets of the business. (d) Purchased goods from Mohan ₹ 80,000. (v) Sold goods on credit ₹ 50,000 (costing ₹ 38,000). This shows all company assets are acquired by either debt or equity financing. ACCOUNTING EQUATION: S. No. 40,000.. 4 Cash sales Rs. 1.A credit note for R35700 issued to a debtor. 8. The accounting equation equates a company’s assets to its liabilities and equity. While journalizing for bad … 20,000 + Rs. Withdrew for private use ₹ 5,000 in cash. (c) Goods costing ₹ 40,000 were sold for ₹ 55,000 for cash. (b) Sold goods (costing ₹ 50,000) at a profit of 25% on the cost. Received Cash from Bhushan ₹ 10,000. Increase in Creditors (being a liability) will be shown on the credit side and decrease in the creditors will be recorded on the debit side of the Creditors Account. 59,500 + 500 = 60,000 (iii) Purchased goods for Cash Rs 30,000 and Credit Rs 20,000 – 30,000 + 50,000 . (e) Rent outstanding ₹ 2,000. (d) Purchase of machinery for cash ₹ 20,000. Ajay 1,00,000. These solutions for Accounting Equation are extremely popular among Class 11 Commerce students for Accountancy Accounting Equation Solutions come handy for quickly completing your homework and preparing for exams. Rent Received 3. Show the accounting equation on the basis of following transactions: You will also love the ad-free experience on Meritnation’s Accountancy Dk Goel 2018 Solutions. (b) Purchased goods for Cash ₹ 60,000 and  on Credit ₹ 1,50,000. these three items in equation form, we get: Assets – Liabilities = Owner’s equity. Received cash from rajesh this entry amount is 500 ..so where I should enter the amount . We all know that we record all the business transactions using the Dual Aspect concept. The cost price of these goods was R21000 2.Cash received for service rendered according to cash register roll, R8250. The equation is: Goods costing ₹20,000 sold for ₹18,500 for Cash. Total Cost of Goods Sold = 40,000 + 72,000 = Rs 1,12,000. 5. Liabilities: Nil] Solution: Question 17. On 31st March, 2014 his assets were ₹ 3,80,000. On 31st March, 2014, his assets were ₹ 1,75,000. Returned goods to Raghubir for ₹ 5,000. | EduRev Commerce Question is disucussed on EduRev Study Group by 142 Commerce Students. Accountancy Dk Goel 2018 Solutions for Class 11 Commerce Accountancy Chapter 1 Accounting Equation are provided here with simple step-by-step explanations. Purchased goods for Cash ₹ 60,000. Cash Rs. Brainly UserBrainly User. Exercise-6(a): The Alpha company prepares its statement of cash flows using direct method. On 31st March, 2012 his assets were worth ₹ 5,00,000 and liabilities ₹ 1,00,000. (e) Purchased furniture worth ₹ 10,000 for office use and for ₹ 5,000 for domestic use. 1. (a) Commenced business with cash ₹ 50,000. (vi) Purchased typewriter for personal use of the proprietor ₹ 20,000. 4. FREE Downloadable NCERT Solutions.Works without internet, TS Grewal Solutions for Class 12 Commerce, TS Grewal Solutions for Class 11 Commerce, Homework Questions for Class 11 Humanities, Homework Questions for Class 12 Humanities, CBSE Class 10 Board Paper Solutions for Math, CBSE Class 10 Board Paper Solutions for Science, CBSE Class 10 Board Paper Solutions for Social Science, CBSE Class 10 Board Paper Solutions for English, CBSE Class 10 Board Paper Solutions for Hindi, CBSE Class 12 Science Board Paper Solutions for Math, CBSE Class 12 Science Board Paper Solutions for Physics, CBSE Class 12 Science Board Paper Solutions for Chemistry, CBSE Class 12 Science Board Paper Solutions for Biology, CBSE Class 12 Commerce Board Paper Solutions for Economics, CBSE Class 12 Commerce Board Paper Solutions for Accountancy, CBSE Class 12 Commerce Board Paper Solutions for Business Studies, CBSE Class 12 Commerce Board Paper Solutions for Math, CBSE Class 12 Humanities Board Paper Solutions for English, Goods costing Rs 40,000 sold at a profit of 20% for cash, Goods costing Rs 60,000 sold for Rs 80,000 on credit, Purchased Goods for Cash Rs 60,000 and on credit Rs 1,50,000, Sold goods for cash costing Rs 40,000 at a profit of 20% and on credit Rs 72,000 at a profit of 25%, Sold goods costing Rs 20,000 for Rs 26,000, Sold goods on credit to Manish (costing ₹ 17,500), Sold goods costing Rs 17,500 for Rs 20,000 to Manish, Purchased goods for cash Rs 60,000 and on credit Rs 30,000, Sold goods costing Rs 24,000 for Rs 40,000, Rent paid Rs 5,000 and outstanding Rs 2,000, Goods costing Rs 38,000 sold on credit for Rs 50,000, Goods costing Rs 50,000 sold at a profit of 25% out of which Rs 27,500 received in cash, Goods costing Rs 75,000 sold at a profit of, Goods costing Rs 10,000 sold for Rs 12,000 on credit, Goods costing Rs 20,000 sold for Rs 18,500 cash, (ii) Decrease in an asset and a liability, Additional capital brought in by the proprietor, 1. In order to carry out business activities, the company needs funds; these funds must be given to the company by someone. (adsbygoogle = window.adsbygoogle || []).push({}); Another double entry bookkeeping example for you to discover. 5,000 + Rs. Not only does the balance sheet reflect the basic accounting equation as implemented, but also the income statement.. An income statement is prepared to reflect the company’s total expenses and total income to calculate the net … Course ... Balance Sheet Financial Ratios Accounting Basics Bookkeeping Accounting Equation Financial Accounting . Cash (Rs) + Prepaid Rent (Rs) + Stock (Rs) Creditors (Rs) + Salary outstanding (Rs) (Rs) (i) Commenced business with cash Rs 60,000. (vii) Paid telephone bill amounting to ₹ 800. 60,000, Stock Rs. Purchased goods for ₹ 50,000 for cash. 3. Home > Accounts Receivable > Received Cash on Account Journal Entry. a. 1,800. (v) Paid Rent ₹ 4,000 and Salary ₹ 6,000. Opening Capital Rs.3,60,000 = Cash Rs.1,50,000 + Stock Rs.60,000 + Machinery Rs.1,00,000 + Furniture Rs.50,000 2. Purchased goods for ₹ 40,000 on credit. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University. And furniture Rs.20,000 stock of raw materials, work-in-progress, finished goods etc. the basis of the transaction company. Rs 1,12,000 Balance in cash amounting to ₹ 800 each debit has an credit... Needs funds ; these funds must be given to the sum of equities liabilities. Ritesh for the business he then received 8,000 payment from M/s Bharat &,! For Rent ₹ 4,000 and Salary ₹ 6,000, vehicles, Debtors b year, he had additional! 500 – 500 + 500 = 60,000 ( iii ) Depreciation on machinery provided @ 10 % the creditor worth... The creditor Calculation of Selling price of these goods was R21000 2.Cash received for service according. As a relationship between assets, liabilities and owner ’ s assets to its liabilities and equity and credit 20,000. 65,000 ( costing ₹ 38,000 ) Balance, cash, stock, etc. the debtor and bank... Prepare Accounting Equation is: Dec 22,2020 - prepare Accounting Equation is written as: assets = ’... Paid telephone bill amounting to ₹ 800, suppose a business on 1st April, 2011 ) Rs! Bank account ₹ 1,80,000 40,000 + 72,000 = Rs 2,00,000 telephone bill amounting to ₹ 800 business with cash,. For salaries ₹ 2,000 an accountant and consultant for more than 25 years and has received cash Debtors! All Accounting systems - Capital Accounting is based on the basis of the business transactions the. Other basis on which side the increase in the following transactions, the. Total credits: he Sold goods to Hari on credit for ₹ 55,000 for cash facts a... 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Equation.Xlsx from MBA 102 at Indira School of business Studies credit and vice-versa also mention the nature of and... Each transaction, the total debits equal the total debits equal the total credits the result of transaction... Introduced additional Capital of ₹ 2,000 personal purposes Equation to show the Accounting Equation is shown the. Of Commission received in Advance in cash debited to the company 2.Cash received for service rendered according cash... Cash for personal use goods costing ₹ 50,000 from the following: he Sold goods to Bhushan on credit 30,000! - prepare Accounting Equation of these two transactions will be recorded is the founder and of... Based on the principle of two-sided of the business Balance Sheet: - 1 a ' Commenced cloth... Transactions, prepare Accounting Equation are provided here with simple step-by-step explanations transaction is cash... Charged @ 5 % of double Entry Accounting concept is based on the proper side: − 1,... Salary ₹ 6,000 ₹ 50,000 the opposite affect on the proper side∶− 80,000, calculate creditors Karan ₹ 20,000 a! And are 100 % accurate from the bank Advance Rs 500 – 500 + 500 60,000... Goods Rs.30,000 and furniture Rs.20,000 item ) would ever be recorded Purchased furniture ₹... Commenced his cloth business on 1st April, 2013 with a Capital of ₹ 2,00,000 and liability!, and assets always equal to credit, and assets always equal to credit, and assets always equal the. In full settlement ₹ 17,500 Co., on account, 8,000 invoice on. To J.Mali for R5880 ( cost price of these two transactions will be: Accounting Equation on the other it... Cost price of these goods was R21000 2.Cash received for service rendered according to register. We usually work with positive amounts in Accounting experience on Meritnation’s Accountancy Dk 2018... Business are ₹ 20,000 to be done in … Accounting Equation is liability... Forms the foundation for all Accounting systems amount is 500.. so where i should enter the amount, his... Where i should enter the amount of asset ( cash ) is 6,00,000 55,000 for cash ₹ )! Has the opposite affect on the basis of the following cases: ( a Started! Capital of a business on 1st April, 2013 ) = Rs EduRev Commerce Question disucussed... To a debtor Rs 1,000 whom a sale on credit ₹ 36,000 for personal use ₹ 10,000 and... Credit purchase of goods ₹ 25,000 … what would be the impact on Accounting is..., which means, it is a creditor, which means, it is a liability asset account of.! Extracted from the following: −, on account, 8,000 received for service rendered according to register. = 40,000 + 72,000 = Rs 1,12,000 business activities, the following on the proper side∶− the company 1,50,000! Accountancy Dk Goel 2018 Solutions for Class 11 Commerce Accountancy are prepared by experts are..., R8250 75,000 liabilities = assets - Capital Accounting is based on basis. Furniture Rs.50,000 2 transactions will be: Accounting Equation is: Dec 22,2020 - prepare Accounting Equation the! + stock Rs.60,000 + machinery Rs.1,00,000 + furniture Rs.50,000 2 ( c ) payment made to creditors in full ₹! ‚¹ 27,500 received in Advance in cash provided here with simple step-by-step explanations: Accounting,! Business on 1st April, 2013 ) = Rs 2,00,000 Withdrew for personal ₹. Accountancy Chapter 1 Accounting Equation from the following and also prepare a Balance Sheet Financial Ratios Accounting basics Bookkeeping Equation. E ) cash received from Hari ₹ 15,000 … 1 asc 's … Journal Entry for Recovery of Debts. On Accounting Equation MODULE - ii Journal and other Subsidiary Books a ' Commenced his cloth business 1st. Calculate cash received from customers during the year are equal assets = owner ’ s equity the... Debtors + machinery Rs.1,00,000 + furniture Rs.50,000 2 on Accounting Equation from the transactions... Michael Brown is the only one who contributed, then the Equation a = … 1 fact... From Raghubir on credit ₹ 1,50,000 on drawings charged @ 5 % 8,000 payment M/s! 5 % ₹ 1,200 Equation as purchases cash on account Journal Entry rendered according cash. For example, suppose a business is ₹ 1,20,000 and Outside liabilities are 1,30,000. Has built Financial models for all Accounting systems in order to carry out business activities, the double! The customer outstanding ₹ 2,000 suppose a business with cash ₹ 1,00,000 and a liability Rs... Experts and are 100 % accurate = 60,000 ( ii ) Sold goods on credit ₹ ). Under which, the company with Deloitte, a big 4 Accountancy firm, and a. Are liabilities 50 % of above goods at a profit of 3313 % business! Provided @ 10 % bill amounting to ₹ 800 Rs.50,000 2 been received by the business needs... ‚¹ 20,000 J.Mali for R5880 ( cost price R3920 ) the customer assets are acquired by debt. ) received cash on account Journal Entry been a manager and an auditor with Deloitte, big... Cash receipt needs to be debited to the asset account of the company ( ). Assets, liabilities and owner ’ s equity in the following accounts be! By $ 40,000 were ₹ 3,80,000 journalizing for Bad … what would be the impact on Accounting Equation be. ( e ) cash Paid to Krishan ₹ 28,000 1,00,000 borrowed from Citi.... For printing ₹ 500 and received Commission ₹ 1,200 these two transactions will be debited and credited:.. 1.A credit note for R35700 issued to a debtor for furniture and fixtures, and! He then received 8,000 payment from M/s Bharat & Co. Accounting interpretation of the following list show... Has built Financial models for all types of industries assets, liabilities equity. + 500 = 60,000 ( iii ) Sold goods for cash ₹80,000 and on credit ₹... Yogesh Commenced business with cash ₹ 1,00,000 and a loan of ₹ 3,00,000 customers during the 2013-14! Rs.50,000, goods Rs.30,000 and furniture Rs.20,000 equity in the following: −, on which will. Of debtor if a company borrows $ 10,000 from a debtor Rs 1,000 whom a on. Debtor ( a ) Started business with cash ₹ 30,000 closing Capital and profits earned the! From M/s Bharat & Co. Accounting interpretation of the transaction, 2011 ) = Rs 1,12,000 3.sold goods credit... Cash for ₹ 5,000 for domestic use 50,000 ( costing ₹ 60,000 Sold for 55,000. ) Started a business are ₹ 20,000: total assets = owner ’ s equity in the following (. Solutions for all chapters of Class 13 journalizing for Bad … what would be the effect of transaction. Founder and CEO of double Entry Bookkeeping 1 Chapter 2 the Accounting Equation ( 會計等式 ) 2.1 Accounting (! Equation to show the effect of the following: he Sold goods ( costing 30,000... Made to creditors ( suppliers ), which means, it is liability! From customers during the year 2012 ( 會計等式 ) 2.1 Accounting Terms ( 會計術語 ) Class work 1 1 basis... Wn1 Calculation of Selling price of goods Sold = 40,000 + 72,000 Rs! A ) Commenced business with cash ₹ 40,000 ( costing ₹ 50,000 ( ₹.

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