Show that the accounting equation is satisfied after taking into consideration each of the following transactions in the books of Mr. N 1. Started business with capital 1,00,000 2. Bought furniture 25,000 3. Bought goods for cash 20,000 4. Bought goods from Ram on Credit 5,000 5. Sold goods for cash for 15,000 6. Sold goods to Shyam on credit 8,000 7. Paid cash to Ram 4,000 8. Received cash from Shyam 5,000 9. Paid Cash into Bank 25,000 10. Withdrawn from bank 10,000

Show that the accounting equation is satisfied after taking into consideration each of the following transactions in the books of Mr. N 1. Started business with capital 1,00,000 2. Bought furniture 25,000 3. Bought goods for cash 20,000 4. Bought goods from Ram on Credit 5,000 5. Sold goods for cash for 15,000 6. Sold goods to Shyam on credit 8,000 7. Paid cash to Ram 4,000 8. Received cash from Shyam 5,000 9. Paid Cash into Bank 25,000 10. Withdrawn from bank 10,000

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Description: Show that the accounting equation is satisfied after taking into consideration each of the following transactions in the books of Mr. N1. Started business with capital 1,00,0002. Bought furniture 25,0003. Bought goods for cash 20,0004. Bought goods f

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 1CP

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