From the given financial transactions of Raghu for an accounting year,

1.	From the given financial transactions of Raghu for an accounting year, Selectthe correct final answer of Accounting Equation i.e., Assets = Liabilities + Capitalfrom the given options. Raghu had the following transactions in an accounting year:(i) Commenced business with cash 150,000.(ii) Paid into bank 2 10,000.(iii) Purchased goods for cash 20,000 and credit 30,000.(iv) Sold goods for cash 40,000 costing? 30,000.(v) Rent paid 3 500.(vi) Rent outstanding 100.(vii) Bought furniture 5,000 on credit.
Answer» Explanation: The AMOUNT of prepaid insurance will be credited from assets and debited in liability THUS, the equation will be 5000 +1000 = 2000+4000-1000. The same way COMMISSION of RS. 2800 will be added to assets and liability because there's an increase in cash and also an increase in capital (Income).

From the given financial transactions of Raghu for an accounting year, Selectthe correct final answer of Accounting Equation i.e., Assets = Liabilities + Capitalfrom the given options. Raghu had the following transactions in an accounting year:(i) Commenced business with cash 150,000.(ii) Paid into bank 2 10,000.(iii) Purchased goods for cash 20,000 and credit 30,000.(iv) Sold goods for cash 40,000 costing? 30,000.(v) Rent paid 3 500.(vi) Rent outstanding 100.(vii) Bought furniture 5,000 on credit.

Answer»

Explanation:

The AMOUNT of prepaid insurance will be credited from assets and debited in liability THUS, the equation will be 5000 +1000 = 2000+4000-1000. The same way COMMISSION of RS. 2800 will be added to assets and liability because there's an increase in cash and also an increase in capital (Income).

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