Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 15 Chapter No 4
15. Show the accounting equation from the following transaction:
| (i) | George started the business with cash Rs 45,000 and bank balance Rs 35,000 |
| (ii) | Purchased goods for cash Rs 20,000 and on credit Rs 10,000 |
| (iii) | Sold half of the total above goods purchased at a profit of 20% on cost. |
| (iv) | Dividend received from tata tea co. Rs 4,000 by bank draft |
| (v) | Advance received from a customer Rs 5,000 by cheque |
| (vi) | Goods destroyed by fire Rs 12,000. Insurance company admitted the claim for Rs 9,000 |
| S. No. | Particulars | Assets |
Liabilities | Capital | |||
|---|---|---|---|---|---|---|---|
| Cash | +Bank | +Stock |
+Insurance Co. |
Creditor+ adv. customer | |||
| i | Commenced business with cash and bank | 45,000 | +35,000 | - | 80,000 | ||
| 45,000 | +35,000 | - | 80,000 | ||||
| ii | Purchased goods on cash and on credit | -20,000 | +30,000 | +10,000 | - | ||
| 25,000 | +35,000 | +30,000 | +10,000 | 80,000 | |||
| iii | Sold goods at profit of 20% on cost | +18,000 | -15,000 | - | +3,000 | ||
| 43,000 | +35,000 | +15,000 | 10,000 | 83,000 | |||
| iv | Dividend Received | +4,000 | +4,000 | ||||
| 43,000 | +39,000 | +15,000 | 10,000 | 87,000 | |||
| v | Advance received from a customer by cheque | +5,000 | +5,000 | - | |||
| 43,000 | +44,000 | +15,000 | 10,000 + 5,000 | 87,000 | |||
| vi | Goods destroyed by fire insurance company admitted claim | -12,000 | 9,000 | -3,000 | |||
| Total | 43,000 | +44,000 |
+ 3,000 | + 9,000 |
10,000+ 5,000 | 84,000 | |
Answer: -
Assets = 43,000 + 44,000 + 3,000 + 9,000 = 99,000/-
Capital = 84,000/-
Liabilities = 10,000 + 5,000 = 15,000/-
Liabilities +Capital
15,000 + 84,000 = 99,000/-
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 15 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 15 Chapter No 4 - USHA Publication 11 Class" instantly.
