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Started business with Cash Rs 60000.
Rent received accounting equation. Capital Opening Capital Rs60000 Rent Received Rs2000 Accrued Interest Rs500 Drawings Rs5000 Rs57500 Solution. Heres an example of how to think with this. 100 xi Invested in shares personal 50000 xii Received interest in cash.
The income received in advance is a liability. 25000 xiv Goods destroyed by fire. Accrued interest Rs 500 Commission received in advance Rs 1000.
Received rent from tenants. The accounting equation Assets Liabilities Owners Equity means that the total assets of the business are always equal to the total liabilities plus the total equity of the business This is true at any time and applies to each transaction. Rent received in advance liability600.
The owner cashed a business cheque for private use R1 500. Amount withdrawn Rs5000 Hint. Assets 30200 Cash 13900 Supplies 500 Prepaid Rent 1800 Equipment 5500 Truck 8500 Liabilities 200 Equity 30000 7.
Step 2 Transferring receipt of rental income to the income statement profit and loss account. Step 1 Journal entry for rent received in cashcheque CashBank Ac. Received R6 000 for services rendered.
The Accounting equation is Assets Capital Assets of a firm A good financial statement works on the grounds of a well-balanced accounting equation ie each debit must have equal credit defining the dual aspect of transactions. The new accounting equation would be. In this case the accounting equation for the rent received in advance is as below.
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