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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 4 Chapter No 4
4. Show the effect of the following transaction on the accounting equations and prepare a balance sheet at the end :
| (i) | Surveen commenced business with cash Rs 60,000 and Stock Rs 30,000 |
| (ii) | Purchased goods for cash Rs 30,000 and on credit Rs 15,000 |
| (iii) | Sold goods (costing Rs 16,000) for Rs 14,000 in cash |
| (iv) | Sold goods (costing Rs 12,000) for Rs 15,000 on credit |
| (v) | Goods donated for Leh Ladakh residents Rs 7,000 |
| (vi) | Goods are withdrawn by Surveen for personal use Rs 9,500 |
| S. No. | Particulars | Assets | Liabilities | Capital | ||
|---|---|---|---|---|---|---|
| Cash | +Stock | +Debtors | Creditor | |||
| 1 | Commenced business with cash and bank | 60,000 | +30,000 | - | - | 90,000 |
| 60,000 | +30,000 | - | - | 90,000 | ||
| 2 | Purchased goods on cash and on credit | -30,000 | +45,000 | - | 15,000 | - |
| 30,000 | +75,000 | - | 15,000 | 90,000 | ||
| 3 | Sold goods on cash at loss | + 14,000 | - 16,000 | - | - | - 2,000 |
| 44,000 | +59,000 | 15,000 | 88,000 | |||
| 4 | Sold goods on credit at profit | - | -12,000 | +15,000 | - | + 3,000 |
| 44,000 | +47,000 | +15,000 | 15,000 | 91,000 | ||
| 5 | Goods donated | - | - 7,000 | - | - | - 7,000 |
| 44,000 | +40,000 | +15,000 | 15,000 | 84,000 | ||
| 7 | Goods with drawn for personal use | - | - 9,500 | - 9,500 | ||
| Total | 44,000 | +30,500 |
+ 15,000 | 15,000 |
74,500 | |
Answer: -
Assets = 44,000 + 30,500 + 15,000 = 89,500/-
Capital = 74,500/-
Liabilities = 15,000/-
Liabilities +Capital
15,000+ 74,500= 89,500/-
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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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