Question No 29 Chapter No 5 – T.S. Grewal 11 Class

Question No.29 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 29 Chapter No 5

29. Draw an Accounting Equation from the following transactions: –

(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000

(ii) Car, personal asset of proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.

(iii) An amount of Rs 50,000 was transferred from his saving account to the firm’s bank Account.

(iv) A new car was purchased for Rs 6,00,000 for office use. It was paid by taking loan from bank of Rs 5,00,000 and balance by issue of cheque from firm’s Bank Account.

(v) Sold goods to Ajay on credit costing Rs 4,000 for Rs 5,000.

(vi) Sold goods for cash costing Rs 12,000 for 16,000.

(vii) Purchased goods for cash Rs 40,000

(viii) Purchased goods for credit Rs 20,000

(ix) Paid rent Rs 3,000 including Rs 2,000 in advance.

(x) Paid salary Rs 2,000

(xi) Sold goods costing Rs 8,000 for 10,000.

(xii) Salaries outstanding Rs 1,000

(xiii) Charge depreciation on furniture Rs 500.

Solution of Question No 29 Chapter No 5: –

Note: “Because we less width so we have divided our table into two parts 1st table shows assets and 2nd table shows liabilities and capital.” 

S. No.  Particulars Assets
Cash +Bank +Stock +Furn. +Veh. +Dbt.

+Adv Rent

(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000 +50000 +100000 +30000 +20000      
    50000 +100000 +30000 +20000      
(ii) Car, personal asset of proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.              
    50000 +100000 +30000 +20000      
(iii) An amount of Rs 50,000 was transferred from his saving account to the firm’s bank Account.   +50000          
    50000 +150000 +30000 +20000      
(iv) A new car was purchased for Rs 6,00,000 for office use. It was paid by taking loan from bank of Rs 5,00,000 and balance by issue of cheque from firm’s Bank Account.   -100000     +600000    
    50000 +50000 +30000 +20000 +600000    
(v) Sold goods to Ajay on credit costing Rs 4,000 for Rs 5,000.     -4000     +5000  
    50000 +50000 +26000 +20000 +600000 +5000  
(vi) Sold goods for cash costing Rs 12,000 for 16,000. +16000   -12000        
    66000 +50000 +14000 +20000 +600000 +5000  
(vii) Purchased goods for cash Rs 40,000 -40000   +40000        
    26000 +50000 +54000 +20000 +600000 +5000  
(viii) Purchased goods for credit Rs 20,000     +20000        
    26000 +50000 +74000 +20000 +600000 +5000  
(ix) Paid rent Rs 3,000 including Rs 2,000 in advance. -3000           +2000
    23000 +50000 +74000 +20000 +600000 +5000  +2000
(x) Paid salary Rs 2,000 -2000            
    21000 +50000 +74000 +20000 +600000 +5000  +2000
(xi) Sold goods costing Rs 8,000 for 10,000. +10000   -8000        
    31000 +50000 +66000 +20000 +600000 +5000  +2000
(xii) Salaries outstanding Rs 1,000              
    31000 +50000 +66000 +20000 +600000 +5000  +2000
(xiii) Charge depreciation on furniture Rs 500.       -500      
    31000 +50000 +66000 +19500 +600000 +5000 +2000

 

S. No.  Particulars Liabilities
Capital
+ Bank Loan
+Crdt. + O/s Salary
(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000       +200000
          +200000
(ii) Car, personal asset of proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.        
          +200000
(iii) An amount of Rs 50,000 was transferred from his saving account to the firm’s bank Account.       +50000
          +250000
(iv) A new car was purchased for Rs 6,00,000 for office use. It was paid by taking loan from bank of Rs 5,00,000 and balance by issue of cheque from firm’s Bank Account. +500000      
    +500000     +250000
(v) Sold goods to Ajay on credit costing Rs 4,000 for Rs 5,000.       +1000
    +500000     +251000
(vi) Sold goods for cash costing Rs 12,000 for 16,000.       +4000
    +500000     +255000
(vii) Purchased goods for cash Rs 40,000        
    +500000     +255000
(viii) Purchased goods for credit Rs 20,000   +20000    
    +500000 +20000   +255000
(ix) Paid rent Rs 3,000 including Rs 2,000 in advance.       -1000
    +500000 +20000   +254000
(x) Paid salary Rs 2,000       -2000
    +500000 +20000   +252000
(xi) Sold goods costing Rs 8,000 for 10,000.       +2000
    +500000 +20000   +254000
(xii) Salaries outstanding Rs 1,000     +1000 -1000
    +500000 +20000  +1000 +253000
(xiii) Charge depreciation on furniture Rs 500.       -500
    +500000 +20000 +1000 +252500

 

Answer: –

Assets = Cash 31,000 + Bank 50,000 + Stock 66,000 + Furniture 19,500 + Vehicle + 6,00,000 + Debtors 5,000 + Prepaid Rent 2,000 = 7,73,500/-

Liabilities: – Bank Loan 5,00,000 + Creditors 20,000 +  Outstanding Salary 1,000 =  5,21,000/-

Capital = 2,52,500/-

Liabilities  +Capital

5,21,000 + 2,52,500 = 7,73,500/-

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Question No 28 Chapter No 5 – T.S. Grewal 11 Class

Question No.28 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 28 Chapter No 5

28. Show an Accounting Equation on the basis of the following transaction: –

(i) Sunil Started business with cash 1,50,000

(ii) Opened a Bank account by depositing Rs 25,000 out of cash

(iii) He sold his personal car for Rs 50,000 and deposited the amount in
the firm’s bank account

(iv) He purchased a building and furniture for 1,00,000

(v) He purchased goods from Ram on Credit 50,000

(vi) He paid cartage 500

(vii) He sold to Shyam on credit goods costing Rs 6,000 for 9,000

(viii) Received rent from tenants 1,000

(ix) Received security deposit from tenants 1,500

(x) Purchased stationery for cash 100

(xi) Invested in shares(personal) 50,000

(xii) Received interest in cash 200

(xiii) Introduced fresh capital 25,000

(xiv) Goods Destroyed by fire 500

Solution of Question No 28 Chapter No 5: –

Note: “Becasue we less width so we have deleted column of Particulars but you have to make it in the paper or in your note book.”

S. No.  Assets
Liabilities
Capital
Cash  +Bank +Furn. +Stock

+Debt.

+Crdt. +Sec.
(i) +1,50,000             +1,50,000
  1,50,000             +1,50,000
(ii) -25,000 +25,000            
  1,25,000 +25,000           +1,50,000
(iii)   +50,000           50,000
  1,25,000 +75,000           +2,00,000
(iv) -1,00,000   +1,00,000          
  25,000 +75,000 +1,00,000         +2,00,000
(v)       +50,000   +50,000    
  25,000 +75,000 +1,00,000 +50,000   +50,000   +2,00,000
(vi) -500             -500
  24,500 +75,000 +1,00,000 +50,000   +50,000   +1,99,500
(vii)       -6,000 +9,000     +3,000
  24,500 +75,000 +1,00,000 +44,000 +9,000 +50,000   +2,02,500
(viii) +1,000             +1,000
  25,500 +75,000 +1,00,000 +44,000 +9,000 +50,000   +2,03,500
(ix) +1,500           +1,500  
  27,000 +75,000 +1,00,000 +44,000 +9,000 +50,000 +1,500 +2,03,500
(x) -100              -100 
  26,900 +75,000 +1,00,000 +44,000 +9,000 +50,000 +1,500 +2,03,400
(xi)   -50,000           -50,000
  26,900 +25,000 +1,00,000 +44,000 +9,000 +50,000 +1,500 +1,53,400
(xii) +200             +200
  27,100 +25,000 +1,00,000 +44,000 +9,000 +50,000 +1,500 +1,53,600
(xiii) +25,000             +25,000
  52,100 +25,000 +1,00,000 +44,000 +9,000 +50,000 +1,500 +1,78,600
(xiv)       -500       -500
  52,100 +25,000 +1,00,000 +43,500 +9,000 +50,000 +1,500 +1,78,100

Answer: –

Assets = Cash 52,100 + Bank 25000 + Furniture 100000 + Stock 43500 +  Debtors 9000 = 2,29,600/-

Liabilities: – Creditors 50,000 +  Security 1,500 =  51,500/-

Capital = 1,78,100/-

Liabilities  +Capital

51,500 + 1,78,100= 2,

29,600/-

Explanation of All Transactions with images: –

This is not a part of the solution, So you don’t have to write it in the exam. So why we explained if it is not needed. Because This explanation will help you to understand all transactions with logic so don’t need to remember all the transactions but just understand and remember the logic use behind it.

Transaction No. 1 

Transaction No. 1 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 1 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

As we discuss in the previous topic, A owner and the business both have a separate identity in the eye of law. So, the business will be treated as an Artificial Person and anything invested by the owner into the business will be treated as capital.
So, In this transaction, as shown in the above image owner investing her cash into the business, this will be treated as capital of the business. The business receiving an asset i.e. cash.

Transaction No. 2

Transaction No. 2 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 2 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, one new asset account will be opened named Bank a/c. Because business deposited the amount of cash in the bank account.
There will no change in capital or liabilities.

Transaction No. 3

Transaction No. 3 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 1 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 3 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

With this transaction, two accounts are created i.e. cash and capital

 Transaction No. 4

Transaction No. 4 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 4 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved Furniture and Cash:

  • Building & Furniture a/c (Purchase):- Because business receiving building & Furniture.
  • Cash a/c : – Because business transaction is not clear about the payment so it assumed that it is paid in cash.

Transaction No. 5

Transaction No. 5 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 5 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved i.e. Stock (Purchase) and Creditor 

  • Stock :- Because business receiving goods.
  • Creditor: – Because Business bought goods on credit, they did not pay anything. But it has to pay in future. so that’s why Seller is become our creditor.

Transaction No. 6

Transaction No. 6 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 6 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved i.e. cash and capital

  • Cash A/c: – Because business cash goes out from the business.
  • Capital a/c:- because business get services from transporter and paid them for it. So this is expenses for the business. “ All expenses and losses are deducted from the amount of capital.

Transaction No. 7

Transaction No. 7 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 7 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image three accounts are effected i.e. Stock(Sale), Capital and Debtors:

  • Stock a/c (Sale):- Because business giving(selling) its goods.
  • Debtors (Sohan) : – Because Business sold goods on credit. That’s why he has to pay in future to us, so Shyam is become our Debtors.
  • Capital(Profit): Because owner has right on all profit of the business so the amount of the profit will be added in the capital a/c. (Profit = sale price – cost price) 9,000-6,000 = 3,000(Profit)

Transaction No. 8

Transaction No. 8 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 8 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved i.e. Cash and Capital

  • Cash a/c:- Business paying cash so it will deducted.
  • Capital a/c:- Business received rent from tenant, So this is income of the business. “ All income and gains are added to the capital“.

Transaction No. 9

Transaction No. 9 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 9 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved i.e. Cash and Capital

  • Cash a/c:- Business paying cash so it will deducted.
  • Security a/c:- Business received amount of security from tenant which will be refunded in future when tenant leave the building. So that’s why its our liability.

Transaction No. 10

Transaction No. 10 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 10 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved i.e. Purchase Stationery(Expenses) and Cash

  • Cash a/c : – Because business paying due amount in cash.
  • Capital a/c:- Because business purchase stationery for office use and paid them for it. Stationery items are consumable items, So this is expenses for the business. “ All expenses and losses are deducted from the amount of capital.

Transaction No. 11

Transaction No. 11 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 11 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

With this transaction two accounts are effected one is Bank and another is capital.

Transaction No. 12

Transaction No. 12 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 12 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved i.e. Cash and capital

  • Cash a/c:- Business Receiving cash so it will Added.
  • Capital a/c:- Business earned interest on investment, So this is income of the business. “ All income and gains are added to the capital“.

Transaction No. 13

Transaction No. 13 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 13 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

With this transaction three accounts are created i.e. cash and capital.

Transaction No. 14

Transaction No. 14 Question No.28 Chapter No.5 T.S. Grewal 1 Book 2019 - Question No 28 Chapter No 5 - T.S. Grewal 11 Class
Transaction No. 14 Question No.28 – Chapter No.5- T.S. Grewal +1 Book 2019

In this transaction, as shown in the above image two accounts are involved i.e. Stock (Loss by fire) and Capital(Loss):

  • Stock a/c (Sale):- Because business losing its goods.
  • Capital(Profit): Because owner has right on all profit/loss of the business so the amount of the loss will be deducted from the capital a/c.

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T.S. Grewal’s Double Entry Book Keeping

Question No 27 Chapter No 5 – T.S. Grewal 11 Class

Question No.27 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 27 Chapter No 5

27. On 31st March 2018, the total assets and external liabilities were Rs 2,00,000 and 6,000 respectively. During the year, the proprietor had introduced capital of Rs 20,000 and withdrawn Rs 12,000 for personal use. He made a profit of Rs 20,000 during the year. Calculate the capital as on 1st April 2017.

The solution of Question No 27 Chapter No 5: –

Following items are already given in the question: –

  • Additional Capital= 20,000
  • Drawing = 12,000
  • liabilities= 6,000
  • Total Assets= 2,00,000
  • Profit = 20,000

So, to find out the capital as on 1st April 2017.

1st with the Help of Following Formula, we can find out Closing Capital :

Closing Capital    =   Total assets – Total Liabilities

Closing Capital  =  2,00,000 – 6,000

Closing Capital =  1,94,000/-

Now, with the Help of Following Formula, we can find out Opening Capital or capital as on 1st April 2017:

Opening Capital  =   Closing Capital – Addition – Profit + Drawing

Opening Capital  =  1,94,000 – 20,000 – 20,000 + 12,000

  Opening Capital/ capital as on 1st April 2017 =  1,66,000/-

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 20 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 22 Chapter No 5 – T.S. Grewal 11 Class”
Question No 23 Chapter No 5 – T.S. Grewal 11 Class”
Question No 24 Chapter No 5 – T.S. Grewal 11 Class”
Question No 25 Chapter No 5 – T.S. Grewal 11 Class”
Question No 26 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 27 Chapter No 5 – T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping

Question No 26 Chapter No 5 – T.S. Grewal 11 Class

Question No.26 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 26 Chapter No 5

26. Mohan started a business on 1st April 2017 with a capital of Rs 25,000 and a loan Rs 12,500 borrowed from Shyam. During 2017-2018 he had introduced additional capital of 12,500 and had withdrawn Rs 7,500 for personal use. On 31st March 2018, his assets were Rs 75,000. Find out his capital as on 31st March 2018 and profit made or loss incurred during the year 2017-2018.

The solution of Question No 26 Chapter No 5: –

Following items are already given in the question: –

  • Opening Capital = 25,000
  • Additional Capital= 12,500
  • Drawing = 7,500
  • liabilities= 12,500
  • Total Assets= 75,000

So, to find out the profit made or loss incurred during the year 2017-2018, we have to find out first CCBP and CCAP. The difference between both terms will be profit or loss for the year.

With the Help of Following Formula, we can find out CCBP

Closing Capital before profit (CCBP)= Opening capital + Add. Capital – Drawing

Closing Capital before profit (CCBP)= 25,000 + 12,500 – 7,500

Closing Capital before profit (CCBP)= 30,000/-

Now, with the Help of Following Formula, we can find out CCAP

Closing Capital after profit (CCAP) = Total assets – Total Liabilities 

Closing Capital after profit (CCAP) = 75,000-12,500

Closing Capital after profit (CCAP) = 62,500/-

Now in last, with the Help of Following Formula, we can find out Profit/Loss : 

Profit/Loss = CCAP – CCBP

Profit/Loss = 62,500 – 30,000

Profit/Loss = 32,500

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 20 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 22 Chapter No 5 – T.S. Grewal 11 Class”
Question No 23 Chapter No 5 – T.S. Grewal 11 Class”
Question No 24 Chapter No 5 – T.S. Grewal 11 Class”
Question No 25 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 26 Chapter No 5 – T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping

Question No 25 Chapter No 5 – T.S. Grewal 11 Class

Question No.25 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 25 Chapter No 5

25. 

  1. Mohan started a business on 1st April 2017 with a capital of Rs 10,000 and borrowed Rs 3,000 from a friend. He earned a profit of Rs 5,000 during the year ended 31st march 2018  and withdrew cash Rs 4,000 for private use. What is his capital on 31st march, 2018?
  2. Mahesh started a business with a capital of Rs 15,000 on 1st April 2017. During the year he made a profit of Rs 3,000. He owes Rs 2,500 to suppliers of goods. What is the total of assets in his business on 31st March 2018?

The solution of Question No 25 Chapter No 5: –

Opening Capital is given = 10,000

Profit is given = 5,000

Drawing is given = 4,000

With the Help of Following Formula, we can find out closing capital: 

Closing Capital = Opening + Income/Profit –Expenses/Losses/Drawing

Total Assets = 75,000 + 15,000

Closing Capital = 10,000 + 5,000 -4,000

Closing Capital = 11,000/-

2. Opening Capital is given = 10,000

Total Liabilities is given = 2,500

Profit is given = 3,000

With the Help of Following Formula, we can find out closing capital: 

Closing Capital = Opening Capital + Income/Profit – Expenses/loss/Drawing

Closing Capital = 15000 + 3,000

Closing Capital = 18,000/-

So, we can find out total Assets

With the Help of Following Formula, we can find out this. 

Total Assets = Total/closing Capital + Total Liabilities

Total Assets = 18,000 + 2,500

Total Assets = 20,500/-

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 20 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 22 Chapter No 5 – T.S. Grewal 11 Class”
Question No 23 Chapter No 5 – T.S. Grewal 11 Class”
Question No 24 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 25 Chapter No 5 – T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping

Question No 24 Chapter No 5 – T.S. Grewal 11 Class

Question No.24 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 24 Chapter No 5

24. Calculate the total assets if:

  1. A had a capital of Rs 75,000 on 1st April 2017. He had also goods amounting to Rs 15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.
  2. After a period of one month, he came to know that he had suffered a loss of Rs 1,700. He withdrew Rs 800 for his personal use. Find out his capital and assets of the business

The solution of Question No 24 Chapter No 5: –

Total Capital is given = 75,000

Total liability is also given = 15,000

So, we can find out total Assets

With the Help of Following Formula, we can find out this. 

Total Assets = Total/closing Capital + Total Liabilities

Total Assets = 75,000 + 15,000

Total Assets = 90,000/-

2. Total liability is also given = 15,000

Closing Capital = Opening Capital + Income/Profit – Expenses/loss/Drawing

Closing Capital = 75000 -1700 – 800

Closing Capital = 72,500/-

So, we can find out total Assets

With the Help of Following Formula, we can find out this. 

Total Assets = Total/closing Capital + Total Liabilities

Total Assets = 72,500 + 15,000

Total Assets = 87,500/-

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 20 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 22 Chapter No 5 – T.S. Grewal 11 Class”
Question No 23 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 24 Chapter No 5 - T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping

Question No 23 Chapter No 5 – T.S. Grewal 11 Class

Question No.23 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 23 Chapter No 5

23. Calculate the total assets if:

  • Capital is Rs 40,000.
  • Creditors are Rs 25,000.
  • Revenue during the period is Rs 50,000.
  • Expenses during the period are Rs 40,000.

The solution of Question No 23 Chapter No 5: –

Opening Capital is given = 40,000

Total liability is also given = 25,000

Revenue earned During the Year is given = 50,000

Expenses incurred during the year is given = 40,000

So, Closing Capital/Total Capital can be calculated with the following formula

Total/Closing Capital = Opening capital + Revenue – Expenses

Total/Closing Capital = 40,000 + 50,000 – 40,000

Total/Closing Capital = 50,000/-

So, we can find out total Assets

With the Help of Following Formula, we can find out this. 

Total Assets = Total/closing Capital + Total Liabilities

Total Assets = 50,000 + 25,000

Total Assets = 75,000/-

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 20 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
Question No 21 Chapter No 5 – T.S. Grewal 11 Class”
Question No 22 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 23 Chapter No 5 - T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping

Question No 22 Chapter No 5 – T.S. Grewal 11 Class

Question No.22 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 22 Chapter No 5

22. If the capital of a business is Rs 1,40,000 and liabilities are of Rs 80,000, calculate the total assets of the business.

The solution of Question No 22 Chapter No 5: –

Total Capital is given = 1,40,000

Total liability is also given = 80,000

So, we have to find out total Assets

With the Help of Following Formula, we can find out this. 

Total Assets = Total Capital + Total Liabilities

Total Assets = 1,40,000 + 80,000

Total Assets = 2,20,000/-

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 20 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 21 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 22 Chapter No 5 - T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping

Question No 21 Chapter No 5 – T.S. Grewal 11 Class

Question No.21 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 21 Chapter No 5

Calculation of Total Assets, Opening and Closing Capital and Profit and loss

21. A commenced his cloth business on 1st April 2017 with a capital of Rs 30,000. On 31st March 2018, his assets were worth Rs 50,000 and Liabilities of Rs 10,000. Find out his closing capital and profits earned during the year.

The solution of Question No 21 Chapter No 5: –

Opening Capital is given = 30,000

So, we have to find out Closing Capital

With the Help of Following Formula, we can find out this. 

Closing Capital = Closing Assets – Closing Liabilities

Closing Capital = 50,000 – 10,000

Closing Capita = 40,000/-

To calculate the Profit or loss, we can use the following formula : –

Profit/Loss = Closing Capital – Opening Capital

Profit/Loss        = 40,000 – 30,000

Profit of the year = 10,000/-

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 20 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 21 Chapter No 5 - T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping

Question No 20 Chapter No 5 – T.S. Grewal 11 Class

Question No.20 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 20 Chapter No 5

Calculation of Total Assets, Opening and Closing Capital and Profit and loss

20. If total assets of a business are Rs 1,30,000 and net worth is Rs 80,000. Calculate the creditors.

The solution of Question No 20 Chapter No 5: –

To calculate the creditors or Liability, we can use the following formula : –

Net worth = Total Assets – Total Liabilities

Because the total assets and net worth are given.

Total Liabilities or Creditors = Total Assets – Net worth

Total Liabilities = 1,30,000 – 80,000

Creditors 50,000/-

Please also check out all questions of this chapter which is already solved shown as follow:

“Question No 1 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 2 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 3 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 4 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 5 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 6 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 7 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 8 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 9 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 10 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 11 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 12 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 13 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 14 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 15 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 16 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 17 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 18 Chapter No 5 – T.S. Grewal 11 Class”
“Question No 19 Chapter No 5 – T.S. Grewal 11 Class”

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T.S. Grewals Double Entry Book Keeping - Question No 20 Chapter No 5 - T.S. Grewal 11 Class
T.S. Grewal’s Double Entry Book Keeping