Final answer:
The student's question about purchasing goods for Rs12,000 comes under the subject of Business, specifically within the realm of financial accounting. It showcases the necessity for maintaining precise financial records in business to manage and scrutinize spending and costs efficiently.
Step-by-step explanation:
The transaction mentioned, 'Bought goods from Hari Rs12,000', pertains to business activities, specifically related to accounting and financial records of purchases.
This type of entry would typically be recorded in the books of accounts where the total quantity of merchandise acquired, along with the cost, is documented. The example demonstrates the importance of accurate record-keeping in business transactions.
When companies or individuals purchase goods, especially in a business context, these transactions can vary from small amounts to large totaled figures like '$17,147.51' or '$27,654.92' over a year.
The intricate details, such as the quality and cost of products, may impact the overall financial health of a business. It emphasizes the need for meticulous management of financial records to track and analyze spending patterns and cost implications on business operations.
Your complete question is: Hari is a wholesale trader; record the following transactions as per the Accounting Equation: -
Assets = Liabilities + Owners Equity
i. Commence business with cash Rs. 200,000.
ii. Bought goods for cash Rs. 80,000.
iii. Cash sales worth Rs. 25,000.
iv. Bought goods on credit from Salman worth Rs. 50,000.
v. Sales on credit to Ali Rs. 12,000.
vi. Purchased furniture of the value of Rs. 5,000 by cash.
vii. Received cash form Ali Rs. 10,000.
viii. Drew Rs. 8,000 for personal use.
xi. Paid wages Rs. 1,000, Rent 2,000 and Electricity Bill Payable Rs. 1,500.