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Question 13 Chapter 3 - Unimax
13. Prepare accounting equation on the basis of following transaction.
(i) Anant started business with cash Rs. 2,00,000 and Furniture Rs. 50,000.
(ii) Purchase goods Rs. 50,000 on credit.
(iii) Sold goods for Rs. 40,000 (Costing Rs. 35,000) on credit.
(iv) Return goods to supplier Rs. 10,000.
(v) Goods returned by a customer cost Rs. 3,500.
(vi) Salary due but not paid Rs. 4,000.
(vii) Insurance paid for next year Rs. 6,000.
(viii) Commission earned but not received Rs. 8,000.
(ix) Rent Received for next year Rs. 7,000.
| Transactions | Assets | Liabilities |
+ Capital | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | +Furniture | +Stock | +Debtors | +Prepaid | +Accrued Commission | +Creditors | +outstanding | +unearned rent | ||
| (i) Anant started business with cash Rs. 2,00,000 and Furniture Rs. 50,000. | +2,00,000 | + 50,000 | +2,50,000 | |||||||
| (ii) Purchase goods Rs. 50,000 on credit. | 0 | +0 | +50,000 | 50,000 | +0 | |||||
| (iii) Sold goods for Rs. 40,000 (Costing Rs. 35,000) on credit. | +0 | +0 | -35,000 | +40,000 | +5,000 | |||||
| (iv) Return goods to supplier Rs. 10,000. | +0 | +0 | -10,000 | +0 | -10,000 | +0 | ||||
| (v) Goods returned by a customer cost Rs. 3,500 | +0 | +0 | +3,500 | -4,000 | +0 | -500 | ||||
| (vi) Salary due but not paid Rs. 4,000. | +0 | +0 | +0 | +0 | +0 | +4,000 | -4,000 | |||
| (vii) Insurance paid for next year Rs. 6,000 | -6,000 | +0 | +0 | +0 | +6,000 | +0 | +0 | +0 | ||
| (viii) Commission earned but not received Rs. 78,000 | +0 | +0 | +0 | +0 | +0 | +8,000 | 0 | +0 | +8,000 | |
| (ix) Rent Received for next year Rs. 7,000 | +7,000 | +0 | +0 | +0 | +0 | -0 | +0 | +7,000 | +0 | |
| 2,01,000 | 50,000 | 8,500 | 36,000 | 6,000 | 8,000 | 40,000 | 4,000 | 7,000 | 2,58,500 | |
| 3,09,500 |
3,09,500 | |||||||||
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What is Accounting Equation | Example
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What is the Accounting Equation- In Hindi
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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