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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 13 Chapter No 4
13. Give accounting equations for the following transactions of Hitesh for the year 2016-17
| (a) | Started business with cash Rs 18,000 |
| (b) | Paid rent in advance Rs 400 |
| (c) | Purchased goods for the cash Rs 5,000 and on credit Rs 2,000 |
| (d) | Sold goods for cash Rs 4,000 ( costing Rs 2,400) |
| (e) | Rent paid Rs 1,000 and rent outstanding Rs 200 |
| (f) | Bought motorcycle for the personal use Rs 8,000 |
| (g) | Purchased equipment for the cash Rs 500 |
| (h) | Paid to creditors Rs 600 |
| (i) | Depreciation on equipment Rs 25 |
| S. No. | Particulars | Assets |
Liabilities | Capital | |||
|---|---|---|---|---|---|---|---|
| Cash | + Ad. Rent | +Stock |
+equipment | Creditor | |||
| a | Commenced business with cash | 18,000 | - | - | 18,000 | ||
| 18,000 | - | - | 18,000 | ||||
| b | Rent paid in advance | -400 | +400 | - | - | ||
| 17,600 | +400 | - | 18,000 | ||||
| c | Purchased goods on credit and cash | -5,000 | +7,000 | 2,000 | - | ||
| 12,600 | +400 | + 7000 | 2,000 | 18,000 | |||
| d | Sold goods at profit on the cash | +4,000 | -2,400 | +1,600 | |||
| 16,600 | +400 | + 4,600 | 2,000 | 19,600 | |||
| e | Rent paid and outstanding rent paid | -1,200 | -1,200 | ||||
| 15,400 | +400 | + 4,600 | 2,000 | 18,400 | |||
| f | Bought motorcycle for personal use | -8,000 | -8,000 | ||||
| 15,400 | +400 | +4,600 | 2,000 | 10,400 | |||
| g | Purchased equipment for cash | -500 | + 500 | ||||
| 6,900 | +400 | +4,600 | + 500 | 2,000 | 10,400 | ||
| h | Paid to creators | -600 | - 600 | ||||
| 6,300 | +400 | +4,600 | + 500 | 1,400 | 10,400 | ||
| i | Depreciation on equipment | -25 | -25 | ||||
| Total | 6,300 | +400 | +4,600 | + 475 |
1,400 | 10,375 | |
Answer: -
Assets = 6,300 + 400 6+ 4,600 + 475 = 11,775/-
Capital = 10,375/-
Liabilities = 1,400/-
Liabilities +Capital
1,400+ 10,375= 11,775/-
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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.
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