Accounting Equation Problem 3

You are given the following transactions.

1. Suresh commenced business with cash Rs. 1,00,000.
2. Received loan of Rs. 40,000 from Manish.
3. Purchased two computers each costing Rs. 29,000 on cash.
4. Purchased stationary for Rs. 6,000 on cash.
5. Cash received Rs. 12,000 from sales of computer software.
6. Paid to creditors Rs. 2,000.
7. Sold software on credit Rs. 8,000.
8. Withdraw Rs. 3,500 in cash for personal use.

Required: Accounting Equation.

S.No.	Transactions	Assets	=	Capital	+	Liabilities
1	Business started	+1,00,000		+1,00,000		0
	Beginning Equation	1,00,000	=	1,00,000	+	0
2	Loan received from Manish	+40,000		1,00,000		40,000
	New Equation	1,40,000	=	1,00,000	+	40,000
3	Computer purchase	+58,000 -58,000		0		0
	New Equation	1,40,000	=	1,00,000	+	40,000
4	Stationary purchased	+6,000 -6,000		0		0
	New Equation	1,40,000	=	1,00,000	+	40,000
5	Software sold	+12,000		+12,000		0
	New Equation	1,52,000	=	1,12,000	+	40,000
6	Paid to creditors	-2,000		0		-2,000
	New Equation	1,50,000	=	1,12,000	+	38,000
7	Software sold on credit	+8,000 -8,000		0		0
	New Equation	1,50,000	=	1,12,000	+	38,000
8	Cash withdrawn	-3,500		-3,500		0
	Final Equation	1,46,500	=	1,08,500	+	38,000

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