1. Before i purchased goods from Rohit Rs 50000.
Now i want to paid in cash to Rohit in full settlement Rs 48500.How can i pass the entry in Accounting Equation(AE).
2. Sale goods to Mohit on credit Rs 20000.
Now cash received from Mohit.How can i pass the entry in AE.
Answers!
Ans1: subtract 48500 from cash then subtract 50000 from creditors and add 1500 to capital
Ans2: first you should know the purchase value
Suppose value of good sold is 18000
Subtract stock by 18000 add 20000 to debtor and increase capital by 2000
Suppose value of good sold is 22000 now there is loss so
Subtract stock by 22000 add 20000 to debtor and subtract 2000 from capital☺☺
Comment
Answer the question...
Ans1: subtract 48500 from cash then subtract 50000 from creditors and add 1500 to capital
Ans2: first you should know the purchase value
Suppose value of good sold is 18000
Subtract stock by 18000 add 20000 to debtor and increase capital by 2000
Suppose value of good sold is 22000 now there is loss so
Subtract stock by 22000 add 20000 to debtor and subtract 2000 from capital☺☺
Comment