Answer to Question #312542 in Accounting for MAN

Question

Analyse the following transactions for Surprise Ltd. using the concept of Accounting Equation comprising of Assets, Liabilities and Equity 1.Commenced business with cash of ₹ 5,00,000.

2. Purchased equipment for cash ₹ 2,00,000. 3. Purchased furniture worth ₹50,000 on credit from IndiMart. 4. Purchased raw materials for ₹25,000 against cash from XYZ Suppliers. 5. Deposited cash of ₹ 1,25,000 in the current account. 6. Sold goods for ₹75,000 and received a cheque against the same.

Answer 1

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