3. Mohit has the following transactions, prepare accounting equation:(

1.	3. Mohit has the following transactions, prepare accounting equation:(a) Business started with cash* 1,75,000(b) Purchased goods from Rohit50,000(c) Sales goods on credit to Manish (Costing * 17,500)20,000!(d) Purchased furniture for office use10,000(e) Cash paid to Rohit in full settlement48,500(f) Çash received from Manish20,000(g) Rent paid1,000(h) Cash withdrew for personal use73.000F7H0n3
Answer» Answer: a. Cash Dr 175000 To capital Cr 175000 (Being business started with cash.) b. Purchase Dr 50000 To Rohit Cr. 50000 (Being Goods bought from Rohit.) C. MANISH. Dr20000 To Sales Cr. 17500 To profit on sale of goods Cr 2500 (Being Goods sold to Manish and RECEIVED sales on profit.) d. Furniture. Dr 10000 To Cash /Bank Cr. 10000 (Being furniture bought for office use.) e. Rohit. Dr. 50000 To Cash Cr. 48500 To Discount Received Cr 1500 (Being amount paid to Rohit and discount Received.) f. Cash. Dr 20000 To Manish Cr. 20000 (Being amount received from manish in cash.) g. Rent. Dr 1000 To cash/ Bank Cr 1000 (Being rent paid in cash/ Bank.) h. Drawing Dr 73000 To Bank Cr 73000 (Being cash withdrawal for PERSONAL use.)

3. Mohit has the following transactions, prepare accounting equation:(a) Business started with cash* 1,75,000(b) Purchased goods from Rohit50,000(c) Sales goods on credit to Manish (Costing * 17,500)20,000!(d) Purchased furniture for office use10,000(e) Cash paid to Rohit in full settlement48,500(f) Çash received from Manish20,000(g) Rent paid1,000(h) Cash withdrew for personal use73.000F7H0n3

Answer»

Answer:

a. Cash Dr 175000

To capital Cr 175000

(Being business started with cash.)

b. Purchase Dr 50000

To Rohit Cr. 50000

(Being Goods bought from Rohit.)

C. MANISH. Dr20000

To Sales Cr. 17500

To profit on sale of goods Cr 2500

(Being Goods sold to Manish and RECEIVED sales on profit.)

d. Furniture. Dr 10000

To Cash /Bank Cr. 10000

(Being furniture bought for office use.)

e. Rohit. Dr. 50000

To Cash Cr. 48500

To Discount Received Cr 1500

(Being amount paid to Rohit and discount Received.)

f. Cash. Dr 20000

To Manish Cr. 20000

(Being amount received from manish in cash.)

g. Rent. Dr 1000

To cash/ Bank Cr 1000

(Being rent paid in cash/ Bank.)

h. Drawing Dr 73000

To Bank Cr 73000

(Being cash withdrawal for PERSONAL use.)