Accounting Equation Problem 1

Show the accounting equation on the basis of following transactions.
1. Raj started business with cash Rs. 50,000.
2. Purchased goods on cash Rs. 20,000.
3. Purchased goods on credit from Saru Rs. 15,000.
4. Purchased furniture for Rs. 2,000.
5. Paid rent Rs. 1,000.

Required: Accounting Equation.

S.NO.	Transaction	Assets	=	Capital	+	Liabilities
1	Business started	50,000		50,000		0
	Beginning Equation	50,000	=	50,000	+	0
2	Goods purchased on cash	+20,000 -20,000		0		0
	New Equation	50,000	=	50,000	+	0
3	Goods purchased on credit	+15,000		0		+15,000
	New Equation	65,000	=	50,000	+	15,000
4	Furniture purchased	+2,000 -2,000		0		0
	New Equation	65,000	=	50,000	+	15,000
5	Rent paid	-1,000		-1,000		0
	Final Equation	64,000	=	49,000	+	15,000

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