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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 7 Chapter No 4
7. Show the following transaction on the accounting equation:
| (i) | Bhupinder commenced business with cash Rs 65,000 and stock Rs 35,000 |
| (ii) | Purchased goods on credit Rs 14,000 |
| (iii) | Sold goods (costing Rs 15,500) for Rs 12,500on credit |
| (iv) | Returned goods to supplier Rs 4,000 |
| (v) | Cash paid to Supplier Rs 5,500 |
| (vi) | Goods returned by a customer Rs 3,000 (cost Rs 2,800) |
| (vii) | Cash received from a customer Rs 4,500 |
| S. No. | Particulars | Assets | Liabilities | Capital | ||
|---|---|---|---|---|---|---|
| Cash | +Stock | + Debtors |
Creditor | |||
| 1 | Commenced business with cash and Stock | 65,000 | +35,000 | - | - | 1,00,000 |
| 65,000 | +35,000 | - | - | 1,00,000 | ||
| 2 | Purchased goods on credit | + 14,000 | - | 14,000 | ||
| 65,000 | +49,000 | - | 14,000 | 1,00,000 | ||
| 3 | Sold goods on credit at a loss | - | - 15,500 | + 12,500 | - | -3,000 |
| 65,000 | +33,500 | + 12,500 | 14,000 | 97,000 | ||
| 4 | Returned goods to supplier | - | - 4,000 | - | - 4,000 | - |
| 65,000 | +29,500 | + 12,500 | 10,000 | 97,000 | ||
| 5 | Cash paid to Supplier | - 5,500 | - | - | - 5,500 | - |
| 59,500 | +29,500 | + 12,500 | 4,500 | 97,000 | ||
| 6 | Goods return by customer | +2,800 | -3,000 | -200 | ||
| 59,500 | +32,300 | + 9,500 | 4,500 | 96,800 | ||
| 7 | Cash received from customer | +4,500 | -4,500 | - | ||
| Total | 64,000 | +32,300 |
+ 5,000 | 4,500 |
96,800 | |
Answer: -
Assets = 64,000 + 32,300 + 5,000 = 1,01,300/-
Capital = 96,800/-
Liabilities = 4,500 /-
Liabilities +Capital
4,500 + 96,800= 1,01,300/-
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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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