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CBSE Class 11-commerce Answered

Rebate of Rs.400 allowed by the holder of bills payable of Rs.1,400 on early payment. Give the effect of the following transaction on accounting equation.
Asked by Topperlearning User | 13 Jun, 2016, 04:55: PM
answered-by-expert Expert Answer
  1. Assets (cash) will decrease by Rs.1,000 (Rs.1,400 - Rs.400)
  2. Liabilities (bills payable) will decrease by Rs.400
  3. Capital will increase by Rs.400. (for receiving rebate)
Answered by | 13 Jun, 2016, 06:55: PM
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Rebate of Rs.400 allowed by the holder of bills payable of Rs.1,400 on early payment. Give the effect of the following transaction on accounting equation.
Asked by Topperlearning User | 13 Jun, 2016, 04:55: PM
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