Question No 11 Chapter No 4 – USHA Publication 11 Class

Question No 11 Chapter No 4

Question No 11 Chapter No 4

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

    Rs
(i)  Mukesh started the business with cash  80,000
(ii) Purchased goods from Ravi  20,000
(iii) Goods costing Rs 10,000 sold to Ramesh for  15,000
(iv) Withdrew Rs 4,000 for personal expenses   
(v)  Paid to creditor  12,500
(vi) Received from  debtors Rs 6,000 and discount allowed 500  
(vii) Received commission  2,500

 

The solution of Question No 11 Chapter No 4: –

 

S. No.  Particulars Assets


Liabilities Capital
Cash  +Stock +Debtors Creditor
1 Commenced business with cash, Stock and furniture 80,000   80,000
    80,000   80,000
2 Purchase goods on credit   +20,000   20,000
    80,000 +20,000   20,000 80,000
3 Sold goods on credit at profit   -10,000 +15,000 +5,000
    80,000 +10,000 + 15,000 20,000 85,000
4 Withdrew cash for personal expenses -4,000       -4,000
    76,000 +10,000 + 15,000 20,000 81,000
5 Paid to creditor -12,500     -12,500  
    63,500 +10,000 + 15,000 7,500 81,000
6 Received cash from debtors allowed him discount +6,000   -6,500   -500
    69,500 +10,000 + 8,500 7,500 80,500
7 Sold goods on credit at profit +2,500     +,2500
  Total  72,000 +10,000
+8,500 7,500
83,000


Answer: –

Assets =
72,000 + 10,000 + 8,500 = 90,500/-

Capital = 83,000/-

Liabilities = 7,500/-

Liabilities  +Capital

7,500+ 83,000= 90,500/-

 

What is Accounting Equation | Example

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Also, Check out the solved question of all Chapters: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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)

 

 

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