THE EQUATION
METHOD(BALANCE SHEET WITHOUT PREPARING LEDGER AND PROFIT AND LOSS
ACCOUNT)
TRANSACTION
|
ASSETS
TOTAL
|
CASH
|
BANK
|
DEBTOR
|
STOCK
|
FIXED
ASSET
|
CAPITAL
|
LIABILITY
|
TOTAL
LIABILITY
|
|
|---|---|---|---|---|---|---|---|---|---|---|
COMMENCED
BUSINESS RS 1,00,000
|
1,00,000
|
1,00,000
IA
|
1,00,000IC
|
1,00,000
|
||||||
CASH
DEPOSITED INTO BANKS 50,000
|
1,00,000
|
50000
DA
|
50000
IA
|
1,00,000
|
1,00,000
|
|||||
CASH
PURCHASES RS25,000
|
1,00,000
|
25000
DA
|
50000
|
25000
IA
|
1,00,000
|
1,00,000
|
||||
CREDIT
PURCHASES RS50,000
|
1,50,000
|
25000
|
50000
|
75000
IA
|
1,00,000
|
50000
IL
|
1,50,000
|
|||
CASH
SALE RS 50,000(COST 35,000)
|
1,65,000
|
75000
IA
|
50000
|
40000
DA
|
1,15,000
(+PROFIT)1C
|
50000
|
1,65,000
|
|||
CREDIT
SALE RS50,000(COST 40,000)
|
1,75,000
|
75000
|
50000
|
50000
IA
|
0
DA
|
1,25,000
(+PROFIT
10000)1C
|
50000
|
1,75,000
|
||
RENT
AND EXPENSES PAID RS 1000
|
1,74,000
|
74000
DA*
|
50000
|
50000
|
0
|
1,24,000
DC*
|
50000
|
1,74,000
|
||
COMMISSION
RECEIVED RS 2000
|
1,76,000
|
76000
IA
|
50000
|
50000
|
0
|
1,26,000
IC
|
50000
|
1,76,000
|
||
CASH
PAID TO CREDITOR RS49,500(FULL SETTLEMENT)
|
1,26,500
|
26500
DA
|
50000
|
50000
|
1,26,500
|
0
DL*
|
1,26,500
|
|||
LAND
PURCHASED ON CREDIT BASIS RS1,00,000
|
2,26,500
|
26500
|
50000
|
50000
|
0
|
1,00,000
IA
|
1,26,500
|
1,00,000
IL*
|
2,26,500
|
|
BOUGHT
MOHANLAL’S GOODS RS 10,000
|
2,36,500
|
26500
|
50000
|
50000
|
10000
IA*
|
1,00,000
|
1,26,500
|
1,10,000
IL
|
2,36,500
|
*DA=DECREASED ASSET,
D L= DECREASED LIABILITY ,I C= INCREASED CAPITAL.
- ED *I A = INCREASING ASSET, D C =DECREASED CAPITAL, I L = INCREASED LIABILITY
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