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Question No 12 Chapter No 4
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12. Supriya had the following transaction. Use accounting to show their effect on his assets, liabilities and capital.
| (a) | Brought Rs 45,000 in cash to start a business. |
| (b) | Purchased shares for cash Rs 22,500. |
| (c) | Purchased office equipment for Rs 45,000, giving Rs 15,000 in cash and the balance through a loan |
| (d) | Sold share coating Rs 3,000 for Rs 4,500 |
| (e) | Purchased one printer for Rs 8,400in cash |
| (f) | Received cash for rent Rs 10,800 |
| (g) | Paid cash Rs 10,000 for a loan and Rs 900 for interest. |
| (h) | Received cash for property let out Rs 600 |
The solution of Question No 12 Chapter No 4: –
| S. No. | Particulars | Assets | Liabilities | Capital | |||
| Cash | + Investment | +office equ. | +printer | Creditor | |||
| a | Commenced business with cash | 45,000 | – | – | 45,000 | ||
| 45,000 | – | – | 45,000 | ||||
| b | Purchase shares for cash | -22,500 | + 22,500 | – | – | ||
| 22,500 | +22,500 | – | 45,000 | ||||
| c | Office equipment purchased on cash and credit | -15,000 | +45,000 | 30,000 | – | ||
| 7,500 | + 22,500 | +45,000 | 30,000 | 45,000 | |||
| d | Sold share on profit | +4,500 | -3,000 | +1,500 | |||
| 12,000 | + 19,500 | +45,000 | 30,000 | 46,500 | |||
| e | Purchased printer on cash | -8,400 | +8,400 | ||||
| 3,600 | + 19,500 | +45,000 | + 8,400 | 30,000 | 46,500 | ||
| f | Received cash from rent | +10,800 | +10,800 | ||||
| 14,400 | + 19,500 | +45,000 | + 8,400 | 30,000 | 57,300 | ||
| g | Paid cash for loan and interest Paid | -10,900 | -10,000 | -900 | |||
| 3,500 | + 19,500 | +45,000 | + 8,400 | 20,000 | 56,400 | ||
| h | Cash received for property let out | 600 | +600 | ||||
| Total | 4,100 | + 19,500 | +45,000 | + 8,400 | 20,000 | 57,000 | |
Answer: –
Assets = 4,100 + 19,500 + 45,000 + 8,400 + = 77,000/-
Capital = 57,000/-
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Liabilities = 20,000/-
Liabilities +Capital
20,000+ 57,000= 77,000/-
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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
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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
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Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)