Question No 1 Chapter No 4 – USHA Publication 11 Class

Question No 1 Chapter No 4

Question No 1 Chapter No 4

1. Prepare accounting equation on the basis of the following:

   
(i)  Sawinder Sigh started the business with cash Rs 2,50,000
(ii) Borrowed cash Rs 40,000 from Bank 
(iii) Telephone bills paid in cash Rs 3,000
(iv) Saleem paid school fees of his son from the business Rs 15,000
(v)  Repaid bank loan Rs 30,000
(vi) Purchased goods for cash Rs 22,000
(vii) Repaid the balance of bank loan by borrowing an equal amount from Jodhan.
(viii)  Provided interest on capital Rs 5,000

 

The solution of Question No 1 Chapter No 4: –

 

S. No.  Particulars Assets Liabilities Capital
Cash  +Stock   +Bank loan+ Johan
1 Sawinder Started Business with cash 2,50,000 2,50,000
    2,50,000 2,50,000
2 Borrowed cash from bank +40,000   +40,000
    2,90,000   40,000 2,50,000
3 Telephone bills paid in cash – 3,000   + – 3,000
    2,87,000     40,000 +24700
4 Paid school fess from business – 15,000 – 15,000
    2,72,000     40,000 2,32,000
5 Paid bank loan – 30,000     -30,000  
    2,42,000     10,000 2,32,000
6 Purchased goods for cash – 22,000 +22,000      
    2,20,000 +22,000   10,000 2,32,000
7 Repaid bank loan by borrowing from Jodhan -10,000+10,000

 
    2,20,000 +22,000   10,000 2,32,000
8 Provide interest on capital   -5,000+5,000

  Total  2,20,000 +22,000
  +10,000
+2,32,000

Answer: –

Assets = 2,20,000 + 22,000 = 2,42,000/-

Liabilities = 10,000/-

Capital = 2,32,000/-

Liabilities  +Capital

10,000 + 2,32,000= 2,42,000/-

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