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1. On behalf of your assumption amount make Accounting equation and pass journal entry of all...

1. On behalf of your assumption amount make Accounting equation and pass journal entry of all below given transaction in the books of Alnaeem and also make balance sheet on the basis of the last equation.

A) Alnaeem start business with investment of cash assume amount yourself and put in equation and pass journal entry.

B) Alnaeem purchase furniture with cash assume amount yourself and put in equation and pass journal entry.

C) Alnaeem purchase Goods with cash assume amount yourself and put in equation and pass journal entry.

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Answer #1

A. Let say he started business with $10000

Equation shall be Asset = Liabilities

Cash Ac Dr .$10000

To Capital Account .$10000

( Being capital introduced)

Cash = Capital = $10000

B purchased furniture with Cash

=

furniture account Dr. $5000

To Cash . CR. $5000

Asset = liabilities

= CASH + Furniture = Capital

= $5000 + $5000 = $10000

C.

Goods Account Dr. $5000

To cash Account . $5000

( Being goods purchased from cash )

Balance sheet considering all the above entries shall be

And if only last entry is considered than one side it will be capital $5000 and one side it will be goods $5000

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