Purchased goods from Ram Rs.10000.
How can I do this entry in accounting equation?
Shikta Paul
Answers!
Gaurav Bansal
Dec. 18, 2016, 3:27 p.m.
If purchase is credit based
Asset= liabilities+ capital
Cash+Stock= sundry creditors+capital
50000+0=0+50000
0+10000=10000+0
50000+10000=10000+50000
If it is cash based
Cash+Stock=capital
50000. =50000
-10000+10000=+0
40000+10000=50000
Comment
Answer the question...
Gaurav Bansal
If purchase is credit based
Asset= liabilities+ capital
Cash+Stock= sundry creditors+capital
50000+0=0+50000
0+10000=10000+0
50000+10000=10000+50000
If it is cash based
Cash+Stock=capital
50000. =50000
-10000+10000=+0
40000+10000=50000
Comment
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