Pranav Bhangale - 2012186 Avinash Mishra - 2012215 Snehal Pewekar - 2012222

By :
Pranav Bhangale -- 2012186

Avinash Mishra -- 2012215
Snehal Pewekar -- 2012222
Dual Aspect For every Debit there is a Credit.

Assets.
Liabilities.
Equity/ Shareholders equity/ Proprietorship/ Capital.
Credit.
Debit.
Assets = Equities
OR
Assets = Liabilities + Proprietorship
Transaction 1 :
Mr. Avinash commences his business with cash Rs5,00,000.
The effect of this transaction on the accounting equation is
that cash asset is increased by Rs5,00,000 and the
proprietorship (Avinash's capital) is also increased by the
same amount such as:
Assets
Cash
+5,00,000
Liabilities
Proprietorship
Avinashs Capital
+5,00,000
Transaction 2 :
Purchased Billing Software on cash Rs50,000. Thus
Assets
Liabilities
Software
---------
-50,000
+50,000
4,50,000
50,000
Cash
+5,00,000
Proprietorship
Avinash Capital
+5,00,000
5,00,000
Transaction 3
Purchased merchandise for cash Rs1,00,000. Thus:
Assets
Cash
+4,50,000
= Liabilities + Proprietorship
Software Merchandise
-1,00,000
3,50,000
Avinash Capital
+5,00,000
+1,00,000
50,000
1,00,000
5,00,000
Transaction 4
Purchased merchandise on account (on credit) Rs50,000.
Assets
Cash
+3,50,000
Software Merchandise
1,00,000
Creditors
50,000
Avinash Capital
+5,00,000
50,000
5,00,000
+ 50,000
3,50,000
+50,000
+1,50,000
Transaction 5
Sold merchandise for cash Rs20,000 ; cost of these merchandise
were Rs15,000.
Assets
Cash
Software
+3,50,000
+ 20,000
3,70,000
50,000
Merchandise
1,50,000
-15,000
1,35,000
Creditors
+50,000
Avinash Capital
+ 5,00,000
+5,000 (Profit)
50,000
5,05,000
Transaction 6
Sold merchandise on credit for Rs40,000 costing Rs30,000 to
Mr. Pranav (debtor).
Assets
= Liabilities
+ Propreitership
Cash
Software
3,70,000
Merchandise
1,35,000
-30,000
Debtors
40,000
Creditors
50,000
Avinash Capital
+5,05,000
10,000(Profit)
3,70,000
1,05,000
40,000
50,000
5,15,000
50,000
Transaction 7
Paid Rs 10,000 to creditors for merchandise purchased.
Assets
= Liabilities
+ Proprietorship
Cash
Software
3,70,000
-10,000
Merchandise
1,05,000
Debtors
40,000
Creditors
50,000
-10,000
Avinash Capital
+5,15,000
3,60,000 50,000
1,05,000
40,000
40,000
5,15,000
Transaction 8
Received cash from Mr. Pranav (debtor) Rs 10,000 whom a
sale on credit was made earlier. Thus:
Assets
Cash
Software
3,60,000
+10,000
Merchandise
1,05,000
3,70,000
1,05,000
50,000
Debtors
40,000
-10,000
30,000
Creditors
40,000
Avinash Capital
+5,15,000
40,000
5,15,000
Transaction 9
Paid salaries Rs 50,000 in cash. Thus:
Assets
Cash
Software
3,70,000
-50,000
Merchandise
1,05,000
3,20,000 50,000
1,05,000
Debtors
30,000
30,000
Creditors
40,000
Avinash Capital
+5,15,000
-50,000
40,000
4,65,000
Assets
Cash
Software
Merchandise
Debtors
Creditors
5,00,000
Avinash Capital
+ 5,00,000
5,00,000
-50,000
+50,000
+ 5,00,000
4,50,000
-1,00,000
50,000
1,00,000
3,50,000
50,000
1,00,000
+50,000
= 50,000
+ 5,00,000
3,50,000
+20,000
50,000
1,50,000
-15,000
=50,000
+ 5,00,000
+ 5000
+ 5,00,000
Assets
= Liabilities
+Propreitership
Cash
Software
Merchandise
Debtors
Creditors
Avinashs Capital
3,70,000
50,000
1,35,000
-30,000
40,000
=50,000
+ 5,05,000
+10,000
3,70,000
-10,000
50,000
1,05,000
40,000
=50,000
-10,000
+ 5,15,000
3,60,000
+10,000
50,000
1,05,000
40,000
-10,000
=40,000
+ 5,15,000
3,70,000
-50,000
50,000
1,05,000
30,000
=40,000
+ 5,15,000
-50,000
3,20,000
50,000
1,05,000
30,000
=40,000
+ 4,65,000
???
Thank You for listening patiently.

Hope you all liked our presentation.

Pranav Bhangale - 2012186 Avinash Mishra - 2012215 Snehal Pewekar - 2012222

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Pranav Bhangale - 2012186 Avinash Mishra - 2012215 Snehal Pewekar - 2012222

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By :

Pranav Bhangale -- 2012186

Dual Aspect For every Debit there is a Credit.

Thank You for listening patiently.

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