Transactions which affect the balance sheet equation

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Reference no: EM13256394

How will the following transactions affect the balance sheet equation? Also write the journal entriesfor them.

Issued capital of Rs.1 lakh

hired building worth Rs.2 lakhs on Lease..

Bought good worth 10 lakhs from Mr.X oncredit.

Sold 50% of the goods for cash at a profit of 30% on salesprice.

Took over B ltd. By issuing shares of Rs.100 atRs.120

Purchased machinery worth Rs.50000,life 5years.

Sold rest of the goods at 20% of cost price to Mr.Y oncredit.

Created a provision for bad debt account of2%.

Availed a loan of Rs.20000 from SBI to purchase newmachinery.

Reference no: EM13256394

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