Accounting Equation Problem 10

Following transactions are given:

1. Started business with Rs. 1,70,000.
2. Purchased goods on credit worth Rs. 1,40,000.
3. Paid wages Rs. 3,000.
4. Withdrew for private use Rs. 17,000.

Required: Accounting Equation

S.No.	Transactions	Assets	=	Capital	+	Liabilities
1	Business started	+1,70,000		+1,70,000		0
	Beginning Equation	1,70,000	=	1,70,000	+	0
2	Purchased goods on credit	+1,40,000		0		+1,40,000
	New Equation	3,10,000	=	1,70,000	+	1,40,000
3	Paid wages	-3,000		-3,000		0
	New Equation	3,07,000	=	1,67,000	+	1,40,000
4	Withdrew for private use	-17,000		-17,000		0
	Final Equation	2,90,000	=	1,50,000	+	1,40,000

Note: If anybody have confusion in above given solution then comment me below.