Prepare a statement of an accounting equation in detail

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Reference no: EM133326679

Case: Mr asif stated a trading bussiness ,The transaction for the month of march ,2020 are as under:

March

1, invested $45,000.cash capital

2. Purchased furniture at the cost of 70,000 on credit

3. Purchased merchandise at the cost of $250,000 for sale and paid cash

4. Paid rent of shop for the month amounting to $ 25,000.

5, sold merchandise costing $ 50,000 at the price of $75,000 and collected cash.

6. Sold merchandise to Mr,Ashad costing $ 40,000 at the selling price of $60,000 and collected cash of 40,000 the balance due

7.paid telephone bill amounting $3,000

8 purchased merchandise costing $80,000 on credit from subhan company

9.Collected cash of $ 10,000 from Mr,Arshad for goods sold to him on credit

10 Paid electrical bill amounting to $6,500.25 ,Paid $50,000 for the furniture purchased on credit.

11. Paid salary of an employee amounting to $ 20,000.

Computation Required,

Question: Prepare a statement of an accounting equation in detail and record the above transaction indicating the balance of each item in every transaction

Reference no: EM133326679

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