Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 12 Chapter No 4
12. Supriya had the following transaction. Use accounting to show their effect on his assets, liabilities and capital.
| (a) | Brought Rs 45,000 in cash to start a business. |
| (b) | Purchased shares for cash Rs 22,500. |
| (c) | Purchased office equipment for Rs 45,000, giving Rs 15,000 in cash and the balance through a loan |
| (d) | Sold share coating Rs 3,000 for Rs 4,500 |
| (e) | Purchased one printer for Rs 8,400in cash |
| (f) | Received cash for rent Rs 10,800 |
| (g) | Paid cash Rs 10,000 for a loan and Rs 900 for interest. |
| (h) | Received cash for property let out Rs 600 |
| S. No. | Particulars | Assets |
Liabilities | Capital | |||
|---|---|---|---|---|---|---|---|
| Cash | + Investment | +office equ. |
+printer | Creditor | |||
| a | Commenced business with cash | 45,000 | - | - | 45,000 | ||
| 45,000 | - | - | 45,000 | ||||
| b | Purchase shares for cash | -22,500 | + 22,500 | - | - | ||
| 22,500 | +22,500 | - | 45,000 | ||||
| c | Office equipment purchased on cash and credit | -15,000 | +45,000 | 30,000 | - | ||
| 7,500 | + 22,500 | +45,000 | 30,000 | 45,000 | |||
| d | Sold share on profit | +4,500 | -3,000 | +1,500 | |||
| 12,000 | + 19,500 | +45,000 | 30,000 | 46,500 | |||
| e | Purchased printer on cash | -8,400 | +8,400 | ||||
| 3,600 | + 19,500 | +45,000 | + 8,400 | 30,000 | 46,500 | ||
| f | Received cash from rent | +10,800 | +10,800 | ||||
| 14,400 | + 19,500 | +45,000 | + 8,400 | 30,000 | 57,300 | ||
| g | Paid cash for loan and interest Paid | -10,900 | -10,000 | -900 | |||
| 3,500 | + 19,500 | +45,000 | + 8,400 | 20,000 | 56,400 | ||
| h | Cash received for property let out | 600 | +600 | ||||
| Total | 4,100 | + 19,500 | +45,000 | + 8,400 | 20,000 | 57,000 | |
Answer: -
Assets = 4,100 + 19,500 + 45,000 + 8,400 + = 77,000/-
Capital = 57,000/-
Liabilities = 20,000/-
Liabilities +Capital
20,000+ 57,000= 77,000/-
https://tutorstips.com/accounting-equation/
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
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.
This guide covers "Question No 12 Chapter No 4 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 12 Chapter No 4 - USHA Publication 11 Class" instantly.
