Solution:
I am assuming here some of the business transactions as below:
Aug 1 | Business started with Capital | $ 100,000 |
Aug 5 | Equipment purchased with cash | $ 20,000 |
Aug 10 | Goods purchased on account | $ 20,000 |
Aug 15 | Goods sold on cash | $ 25,000 |
Aug 20 | Cash Paid for Goods purchased on 10 august | $ 20,000 |
Aug 25 | Cash paid for Rent | $ 10,000 |
Aug 30 | Salaries paid to staff | $ 10,000 |
now lets see impact on accounting Equation of above transactions.
Accounting Equation | |||||||||||
Assets | = | Equity | + | Liability | |||||||
Cash | + | Account receivables | + | Equipment | = | Capital | + | Retained earnings | + | Accounts payable | |
Aug-01 | 1,00,000 | + | + | = | 1,00,000 | + | + | ||||
Aug-05 | -20000 | + | + | 20,000 | = | + | + | ||||
Aug-10 | + | + | = | + | -20,000 | + | 20,000 | ||||
Aug-15 | 25,000 | + | + | = | + | 25000 | + | ||||
Aug-20 | -20,000 | + | + | = | + | + | -20000 | ||||
Aug-25 | -10,000 | + | + | = | + | -10000 | + | ||||
Aug-30 | -10000 | + | + | = | + | -10000 | + | ||||
Total | 65,000 | + | 0 | 20,000 | = | 1,00,000 | -15,000 | 0 |
~~~ Dear Student, Please upvote the answer, if it helps. thankyou.
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