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  • Tanmay Relan - Assignment 2 - Accounting Equation - Sheet1

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    mehra.harshal25
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    The document shows the financial statements of a business over time. It started with Rs. 1.6 million in cash and no other assets or liabilities. Over several periods it took a loan from the father, deposited cash in the bank, bought equipment, took materials on credit, paid employee salaries, earned profits in two months, and finally paid off its debt to the supplier. The financial statements track the changes to the business's assets, liabilities, and equity as these transactions occurred.

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    The document shows the financial statements of a business over time. It started with Rs. 1.6 million in cash and no other assets or liabilities. Over several periods it took a loan from the father, deposited cash in the bank, bought equipment, took materials on credit, paid employee salaries, earned profits in two months, and finally paid off its debt to the supplier. The financial statements track the changes to the business's assets, liabilities, and equity as these transactions occurred.

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    5 views1 page

    Tanmay Relan - Assignment 2 - Accounting Equation - Sheet1

    Uploaded by

    mehra.harshal25
    The document shows the financial statements of a business over time. It started with Rs. 1.6 million in cash and no other assets or liabilities. Over several periods it took a loan from the father, deposited cash in the bank, bought equipment, took materials on credit, paid employee salaries, earned profits in two months, and finally paid off its debt to the supplier. The financial statements track the changes to the business's assets, liabilities, and equity as these transactions occurred.

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    of 1

    ASSETS LIABILITIES EQUITY/CAPITAL

    Particulars Cash Bank Equipment Father Supplier B


    Start buisness with 1,600,000 1,600,000 0 0 0 0 1,600,000
    Total 1,600,000 1,600,000
    Loan from father 500,000 2,100,000 0 0 500,000 0 1,600,000
    Total 2,100,000 2,100,000
    Deposits 500,000 in bank 1,600,000 500,000 0 500,000 0 1,600,000
    Total 2,100,000 2,100,000
    Buys equipment 430,000(cheque) 1,600,000 70,000 430,000 500,000 0 1,600,000
    Total 2,100,000 2,100,000
    material/equipment 56,000 credit 1,600,000 70,000 486,000 500,000 56,000 1,600,000
    Total 2,156,000 2,156,000
    2 emp at 14,000 per month salary 1,572,000 70,000 486,000 500,000 56,000 1,572,000
    Total 2,128,000 2,128,000
    81,000 Earn in first month 1,653,000 70,000 486,000 500,000 56,000 1,653,000
    Total 2,209,000 2,209,000
    92,000 Earn in second Month 1,745,000 70,000 486,000 500,000 56,000 1,745,000
    Total 2,301,000 2,301,000
    Debt paid after 2 months 1,689,000 70,000 486,000 500,000 0 1,745,000
    Total 2,245,000 2,245,000

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