Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 20 Chapter No 4
20. From the following transaction of Madhu Bala, prepare the accounting equation:
| (i) | Commenced business with bank balance Rs 3,00,000. |
| (ii) | Purchased goods coating Rs 80,000 plus 14% CGST and SGST. |
| (iii) | Purchased goods from the other state Rs 1,00,000 plus 28% IGST. |
| (iv) | Paid telephone bill Rs 5,000 plus 9% CGST and SGST . |
| (v) | Paid lawyer’s fee Rs 30,000 and deposited 9% CGST and SGST. |
| (vi) | Sold goods coating Rs 60,000 for 75,000 plus 14% CGST and SGST. |
| (vii) | Sold goods coating Rs 40,000 for Rs 50,000in other state plus 28% IGST. |
| (viii) | Settled GST liability, if any. |
| S. No. | Particulars | Assets |
||||
|---|---|---|---|---|---|---|
| Bank | +Stock | +Input CGST | +Input SGST |
+Input Advertisement |
||
| i | Commenced business with cash | 3,00,000 | ||||
| 3,00,000 | ||||||
| ii | Purchased goods on credit plus CGST and SGST 14% | -1,02,400 | +80,000 | +11,200 | +11,200 | |
| 1,97,600 | +80,000 | +11,200 | +11,200 | |||
| iii | Purchased goods on cheque plus IGST 28% | -1,28,000 | +1,00,000 | +28,000 | ||
| 69,600 | +1,80,000 | +11,200 | +11,200 | +28,000 | ||
| iv | Paid telephone bill plus CGST and SGST 9% | -5,900 | +450 | +450 | ||
| 63,700 | +1,80,000 | +11,650 | +11,650 | +28,000 | ||
| v | paid to lawyer plus CGST and SGST 9% | -35,400 | +2,700 | +2,700 | ||
| 28,300 | +1,80,000 | +14,350 | +14,350 | +28,000 | ||
| vi | Sold goods on profit plus CGST and SGST 14% | +96,000 | -60,000 | |||
| 1,24,300 | 1,20,000 | +14,350 | +14,350 | +28,000 | ||
| vii | Sold goods on profit plus IGST 28% | +64,000 | -40,000 | |||
| 1,88,300 | + 80,000 | +14,350 | +14,350 | +28,000 | ||
| viii | Settled GST Liability | -10,500 | -10,500 | -14,000 | ||
| Total | 188,300 | + 80,000 |
+3,850 |
+3,850 |
+14,000 | |
| S. No. | Liabilities |
Capital | ||
|---|---|---|---|---|
| +Output CGST |
+Output SGST |
+Output IGST |
||
| i | - | 3,00,000 | ||
| - | 3,00,000 | |||
| ii | - | |||
| 3,00,000 | ||||
| iii | - | |||
| 3,00,000 | ||||
| iv | -5,000 | |||
| 2,95,000 | ||||
| v | -30,000 | |||
| 2,65,000 | ||||
| vi | 10,500 | 10,500 | +15,000 | |
| 10,500 | 10,500 | 2,80,000 | ||
| vii | +14,000 | +10,000 | ||
| 10,500 | 10,500 | +14,000 | 2,90,000 | |
| viii | -10,500 | -10,500 | -14,000 | -4,000 |
| - | - |
- |
2,90,000 | |
Answer: -
Assets = 1,88,300 + 80,000 + 3,850 + 3,850 + 14,000 = 2,90,000/-
Capital = 2,90,000/-
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 20 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 20 Chapter No 4 - USHA Publication 11 Class" instantly.
