Question No 10 Chapter No 4 – USHA Publication 11 Class

Question No 10 Chapter No 4

Question No 10 Chapter No 4

10. Show the accounting equation on the basis of the following transaction:

    Rs
(i)  Harish started business with cash  15,000
(ii) Purchased goods on credit  7,000
(iii) Purchased furniture for cash  500
(iv) Deposited in bank  2,000
(v)  Sold goods on credit to Satish(coating Rs 4,000) at  6,000
(vi) Withdrew cash fort private use 200
(vii) Paid salaries  300

 

 

The solution of Question No 10 Chapter No 4: –

 

S. No.  Particulars Assets


Liabilities Capi
tal
Cash  +
Stock
+
furni
ture
+
Bank
+
Debtors
Creditor
1 Commenced business with cash, Stock and furniture 15,000     15,000
    15,000     15,000
2 Purchase goods on credit   + 7,000     + 7,000
    15,000 + 7,000     7,000 15,000
3 Purchased furniture for cash – 500 +500    
    14,500 + 7,000 500     7,000 15,000
4 Deposited into bank -2,000   +2,000      
    12,500 + 7,000 + 500 +2,000   7,000 15,000
5 Sold goods on credit at profit -4,000 –    +6,000   +2,000
    12,500 + 3,000 + 500 +2,000 +6,000 7,000 17,000
6 Withdrew cash for private use       -300     -300
    12,500 + 3,000 + 500 +1,700 +6,000 7,000 16,700
7 Sold goods on credit at profit -300         -300
  Total  12,200 +3,000
+500
+1,700 + 6,000 7,000
16,400


Answer: –

Assets =
12,200 + 3,000 + 500 + 1,700 + 6,000 = 23,400/-

Capital = 16,400/-

Liabilities = 7,000/-

Liabilities  +Capital

7,000+ 16,400= 23,400/-

 

 

 

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