Dual aspect concept gives us the accounting equation. State the effects of the following transactions in the accounting equation. (e.g. asset-increase, liability-decrease etc.)Started business with capital Rs. 50,000.Purchased goods on credit from Mohan Rs. 10,000.Machinery purchased Rs. 25,000.Took a bank loan Rs. 20,000.Paid cash to Mohan Rs. 5,000.

Name: Dual aspect concept gives us the accounting equation. State the effect
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Description: Dual aspect concept gives us the accounting equation. State the effects of the following transactions in the accounting equation. (e.g. asset-increase, liability-decrease etc.)Started business with capital Rs. 50,000.Purchased goods on credit from Mo

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PA: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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Dual aspect concept gives us the accounting equation. State the effects of the following transactions in the accounting equation. (e.g. asset-increase, liability-decrease etc.)

Started business with capital Rs. 50,000.
Purchased goods on credit from Mohan Rs. 10,000.
Machinery purchased Rs. 25,000.
Took a bank loan Rs. 20,000.
Paid cash to Mohan Rs. 5,000.

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