Habib Ullah Sadiq is wholesale trader; following transactions are record in Accounting Equation?… 1 answer below »

Habib Ullah Sadiq is wholesale trader; following transactions are record in Accounting Equation?… 1 answer below »

Habib Ullah Sadiq is wholesale trader; following transactions are record in Accounting Equation? i. Commence business with cash Rs. 200,000 and Land Rs. 50,000. ii. Bought merchandising for cash Rs. 80,000. iii. Cash sales of worth Rs. 25,000. iv. Bought goods on credit from Salman of worth Rs. 50,000. v. Sales on account to Ali Raza Rs. 12,000. vi. Purchase furniture of the value of Rs. 5,000 by cash. vii. Received cash form Ali Raza of Rs. 10,000. viii. Return defective furniture of worth Rs. 1,500. xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500.

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