Whatwill be the effect of the following on theAccounting Equation :- 1. Purchased goods for Rs.2...

What will be the effect of the following on the Accounting Equation :- 1. Purchased goods for Rs.20,000 from Mahesh on Credit. 2. Sold goods to Suresh costing Rs.8,000 for Rs. 10,000 in cash. 3. Paid Wages Rs.500. 4. Withdrew in cash for private use Rs. 2,000. 5 Paid to creditors Rs. 5,000.

What will be the effect of the following on the Accounting Equation ? (i) Harish started business with cash Rs. 1,80,000. (ii) Purchased goods for cash Rs. 60,000 and on credit Rs. 30,000. (iii) Sold goods for cash Rs. 40,000 , costing Rs. 24,000. (iv) Rent paid Rs. 5,000, and rent outstanding Rs. 2,000. (v) Sold good on credit Rs. 50,000 (costing Rs. 38,000). (vi) Salary paid in advance Rs. 3,000.

Show the effect of following transactions on the accounting equation : {:((1),"Manoj started business with",," "Rs.),(,"(i) Cash",,"2,30,000"),(,"(ii) Goods",,"1,00,000"),(,"(iii) Building",,"2,00,000"),((2),"He purchased goods for cash",,"50,000"),((3),"He sold goods for cash (costing Rs.20,000)",,"35,000"),((4),"He purchased goods from Rahul",,"55,000"),((5),"He sold goods to Varun (costing Rs.52,000)",,"60,000"),((6),"He sold goods",,"53,000"),((7),"Salary paid by him",,"20,000"),((8),"Received cash from Varun in full settlement",,"59,000"),((9),"Rent outstanding",,"3,000"),((10),"Commission received by him",,"13,000"),((11),"Amount withdrawn by him for personal use",,"20,000"),((12),"Depreciation charged on building",,"10,000"):}

Open 'T' shape account of our creditor 'Raghubir' and write the following transactions on the proper side : - 1. Purchased goods from Raghubir on credit for Rs. 50,000. 2. Returned goods to Raghubir for Rs. 5,000. 3. Paid to Raghubir Rs. 30,000. 4. Purchased goods from Raghubir on credit for Rs.16,000. 5. Paid to Raghubir Rs. 20,000.

Prepare 'Accounting Equation' from the following : (a) Started business with cash Rs.1,00,000. (b) Purchased goods for cash Rs.20,000 and on credit Rs.30,000. (c ) Sold goods for cash costing Rs. 10,000 and on credit costing Rs. 15,000 both at a prodit of 20%.

Open 'T' shape account of our creditor 'Sanjay' and write the following transactions on the proper sise : 1. Purchased goods from Sanjay on Credit for Rs. 40,000. 2. Paid to Sanjay Rs. 25,000. 3. Again purchased goods from Sanjay on Credit for Rs. 16,000. 4. Goods returned to Sanjay for Rs. 2,000. 5. Paid to Sanjay Rs. 20,000.

Identify the technique of sales promotion used by the company in the following cases: (a) Purchase goods worth Rs. 90,000 and get a holiday package of Rs. 10,000 free. (b) A company offers 40% of extra glucose in a pack of 1 kg. (c ) A company offers a discount of Rs. 2,000 to clear off excess inventory. (d) A company offers a pack of 1 kg of tea with a purchase of 5kgs of sugar. (e) On return of the wrapper, a customer gets Rs. 5 off on purchase of the same product.

Pass the Journal entries to rectify the following errors detected during preparation of the Trial Balance: Purchase Book is undercast by Rs. 1,000. (ii) Wages paid for construction of office debited to Wages Account Rs. 20,000. (iii) A credit sale of goods Rs. 1,200 to Ramesh has been wrongly passed through the Purchases Book. (iv) Goods purchased for Rs. 5,000 were posted as Rs. 500 to the Purchases Account. (v) An amount of Rs. 2,000 due from Muhesh Chand which had been written off as a bad debt in previous year was unexpectedly recovered has been posted to the personal account of Mahesh Chand. (vi) A credit purchase of Rs. 1,040 from Ramesh was passed in the books as Rs. 1,400. (vii) Goods (Cost Rs. 5,000, Sales Price Rs. 6,000) distributed as free samples among prospective customers were not recorded anywhere. (viii) Goods worth Rs. 1,500 returned by Green & Co. have not recorded anywhere.

Give the Journal entries to rectify the following errors: (i) Purchases Book was overcast by Rs. 1,000. (ii) Installation charges on new machinery purchased Rs. 500 were debited to Sundry Expenses Account as Rs. 50. (iii) Radhey Shyam returned goods worth Rs. 500 which was entered in the Purchases Return Book. (iv) Goods taken by the proprietor for Rs. 5,000 have not entered in the books at all.