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