3. Prove that the accounting equation is satisfied in all the followin

1.	3. Prove that the accounting equation is satisfied in all the following transeSuresh and prepare balance sheet at the end(1) Commenced business with cash 780,000 and bank balance 40,000.(ii) Cash withdrawn from bank for office use ? 15,000.(iii) Internet bill paid in cash 39,000.(iv) Commission received by cheque 21,000.(v) Cash withdrawn from bank for personal use ? 11,000.(vi) Additional capital introduced 24,000.(vii) Charged interest on drawings ? 2,000.
Answer» Answer: Business assets include money in the bank, EQUIPMENT, inventory, accounts receivable and other SUMS that are OWED to your company. When a business owner withdraws cash from his business, the portion of the company's assets made up of cash on hand decreases.

3. Prove that the accounting equation is satisfied in all the following transeSuresh and prepare balance sheet at the end(1) Commenced business with cash 780,000 and bank balance 40,000.(ii) Cash withdrawn from bank for office use ? 15,000.(iii) Internet bill paid in cash 39,000.(iv) Commission received by cheque 21,000.(v) Cash withdrawn from bank for personal use ? 11,000.(vi) Additional capital introduced 24,000.(vii) Charged interest on drawings ? 2,000.

Answer»

Answer:

Business assets include money in the bank, EQUIPMENT, inventory, accounts receivable and other SUMS that are OWED to your company. When a business owner withdraws cash from his business, the portion of the company's assets made up of cash on hand decreases.

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