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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 9 Chapter No 4
9. Show the accounting equation on the basis of the following transaction and present a balance sheet:
| Rs | ||
| (i) | Mohan commenced business with | 70,000 |
| (ii) | Purchased goods on credit | 14,000 |
| (iii) | Withdrew for private use | 1,700 |
| (iv) | Purchased goods for cash | 10,000 |
| (v) | Paid wages | 300 |
| (vi) | Paid to creditor | 10,000 |
| (vii) | Sold goods coating Rs 12,000 on credit | 15,000 |
| (viii) | Sold goods for cash (cost price RS 3,000) | 4,000 |
| S. No. | Particulars | Assets | Liabilities | Capital | ||
|---|---|---|---|---|---|---|
| Cash | +Stock | +Debtors | Creditor | |||
| 1 | Commenced business with cash, Stock and furniture | 70,000 | - | - | - | 70,000 |
| 70,000 | - | - | - | 70,000 | ||
| 2 | Purchase goods on credit | +14,000 | - | + 14,000 | - | |
| 70,000 | + 14,000 | - | 14,000 | 70,000 | ||
| 3 | Withdrew for private use | - 1,700 | - | - | - 1,700 | |
| 68,300 | +14,000 | - | 14,000 | 68,300 | ||
| 4 | Purchased goods on cash | -10,000 | +10,000 | - | ||
| 58,300 | +24,000 | 14,000 | 68,300 | |||
| 5 | Paid wages | - 300 | - | - | - 300 | |
| 48,000 | +24,000 | 14,000 | 68,000 | |||
| 6 | Paid creditor | -10,000 | - 10,000 | -100 | ||
| 48,000 | +24,000 | 4,000 | 68,000 | |||
| 7 | Sold goods on credit at profit | - 12,000 | +15,000 | - | +3,000 | |
| 48,000 | +12,000 | + 15,000 | 4,000 | 71,000 | ||
| 8 | Sold goods on cash at profit | +4,000 | -3,000 | +1,000 | ||
| Total | 52,000 | +9,000 |
+15,000 |
4,000 |
72,000 | |
Answer: -
Assets = 52,000 + 9,000 + 15,000 = 76,000/-
Capital = 72,000/-
Liabilities = 4,000/-
Liabilities +Capital
4,000+ 72,000= 76,000/-
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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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