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Question 17 Chapter 3 Unimax
17. Prepare the accounting equation from the following:
(i) Commenced business with cash Rs. 8,00,000.
(ii) Purchased goods from other state worth Rs. 40,000 plus IGST 12%.
(iii) Purchased goods worth Rs. 60,000 plus CGST 6% and SGST 6% from Simran.
(iv) Sold goods costing Rs. 40,000 for Rs. 50,000 plus CGST 6% and SGST 6%.
(v) Paid Salaries Rs. 30,000.
(vi) Purchased Car for the business Rs. 4,00,000 plus CGST 14% and SGST 14%.
(vii) Sold goods in other state costing Rs. 20,000 for Rs. 28,000 plus IGST 12%.
(viii) Paid Electricity bill Rs. 7,000.
| Transactions | Assets | Liabilities |
+ Capital | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | +Stock | +Input CGST | +Input SGST | +Input IGST |
+car | Creditor | +Output CGST | +Output SGST | +Output IGST | ||
| 1. started business with cash 8,00,000 . | 8,00,000 | 8,00,000 | |||||||||
| 2. goods from other state worth Rs. 40,000 plus IGST 12% | 44,800 | 40,000 | 4,800 | ||||||||
| 3. goods worth Rs. 60,000 plus CGST 6% and SGST 6% from Simran | 60,000 | 3,600 | 3,600 | 67,200 | |||||||
| 4. Sold goods costing Rs. 40,000 for Rs. 50,000 plus CGST 6% and SGST 6% | 56,000 | 40,000 | 3,000 | 3,000 | 10,000 | ||||||
| 5. Paid Salaries Rs. 30,000. | 30,000 | 30,000 | |||||||||
| 6. Purchased Car for the business Rs. 4,00,000 plus CGST 14% and SGST 14% | 5,12,000 | 5,12,000 | |||||||||
| 7. Sold goods in other state costing Rs. 20,000 for Rs. 28,000 plus IGST 12% | 31,360 | 20,000 | 3,360 | 8,000 | |||||||
| 8. Paid Electricity bill Rs. 7,000 | 7,000 | 7,000 | |||||||||
| 2,93,560 | 40,000 | 3,600 | 3,600 | 4,800 | 5,12,000 | 67,200 | 3,000 | 3,000 | 3,360 | 7,81,000 | |
| 8,57,560 | 8,57,560 | ||||||||||
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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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