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Q2 Shyam Kedia, a trader of Basmati Rice has given you the following transactions for August 2022. He is
hiring you as his accountant and is asking you to show the impact of the given transactions on the Accounting
Equation of his business as the first job task. You are required to perform the allocated task as per the
accounting norms.
1. As on August 1, 2022, the business has current assets worth Rs. 45,000; PPE worth Rs. 1,10,000, and
liabilities of Rs. 10,000.
2. He paid Rs. 15,000 as salaries to his employees.
3. He bought one ton of Basmati Rice from his vendor "Ramesh" worth Rs. 50,000.
4. He sold a few kgs of Basmati Rice costing Rs. 10,000 for Rs. 12,000.
5. He distributed 1 kg of Basmati Rice Costing Rs. 500 and a selling price of Rs. 600 as charity.
6. He bought a table and chair for his office for Rs. 10,000.
7. He sold 5 kgs of Basmati Rice for Rs. 2,500.
8. He received rent for a warehouse of Rs. 15,000.
9. He paid his Liabilities of Rs. 10,000.
10. He received an order to sell 30 kgs of Rice in October 2022 for Rs. 20,000.

Sagot :

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