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CS foundation accounts accounting equation

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA asked over 1 year ago

withdrew for personal use or private use is it the same? How will withdrew for private use affect asset capital liabilities what will increase and decrease?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

rent paid in advance Is a current asset so one asset will increase and other asset cash will decrease
rent outstanding is a current liability so liability will increase but asset remains unchanged

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

rent paid in advance rent paid and rent outstanding what will be the effect in accounting equation

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

ok

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

yes sure

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

pls rating 5

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

ok

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

ok Ty

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

yes

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

or only 2 effects

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

no

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

in accounting equation can there be more than 2 effects

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

yes

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

cash

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

otherwise caah

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

and in other chapters/ situations drawing to cash

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

in Partnership drawing to capital

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

personal use or private use

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered over 1 year ago

drawing to cash and drawing to capital when it come

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

have you understood

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered over 1 year ago

yes they both are same. journal entry will be Drawing account DR and capital account CR. assets will reduce and capital will also will be decrease. best of luck . pls rating 5

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