Assignment

1. Prepare a list of all fixed and current assets and long term & short term liabilities and submit it by
tomorrow by 9:30 AM. Assignment should be hand written.
1. Prepare Accounting Equation from the following transactions:
`

Mohan commenced business with

Purchased goods for cash
Purchased goods on credit
Sold goods (Cost ` 10,000) for
Bought furniture on credit
Paid cash to a creditor

50,000
30,000
20,000
12,000
2,000
15,000

2. Prepare Accounting Equation on the basis of the following transactions:

`

Manu started business with cash

Purchased goods on credit
Purchased goods for cash
Purchased furniture
Paid rent
Withdrew for private use
Received interest
Sold goods on credit (cost `500) for
Paid to creditors
Paid salaries

50,000
4,000
1,000
500
200
700
100
700
400
200

3. Arvind had the following transactions. Prepare Accounting Equation.

Invested ` 15,000 in cash as capital.

Purchased furniture for cash ` 7,500.
Purchased a building for ` 15,000 giving ` 5,000 in cash and balance through a loan.
Sold furniture costing `1000 for ` 1,500.
Purchased an old car for `2,800 cash.
Received cash as rent `3,600.
Paid cash ` 500 for loan and `300 for interest.
Paid cash for household expenses `300.
Received cash for dividend on securities `200.

4. Show the accounting equation on the basis of the following transactions

`

Mohan commenced business with cash

Purchased goods on credit
Withdrew for private use
Goods purchased for cash
Paid wages
Paid to creditors
Sold goods on credit for
Sold goods for cash (Cost price was `3000)
Purchased furniture for

70,000
14,000
1,700
10,000
300
10,000
15,000
4,000
500