Question No 13 Chapter No 4

Question No 13 Chapter No 4

13. Give accounting equations for the following transactions of Hitesh for the year 2016-17

  
(a) Started business with cash Rs 18,000
(b)Paid rent in advance Rs 400
(c)Purchased goods for the cash Rs 5,000 and on credit Rs 2,000
(d)Sold goods for cash Rs 4,000 ( costing Rs 2,400)
(e) Rent paid Rs 1,000 and rent outstanding Rs 200
(f)Bought motorcycle for the personal use Rs 8,000
(g)Purchased equipment for the cash Rs 500
(h)Paid to creditors Rs 600
(i)Depreciation on equipment Rs 25

 

The solution of Question No 13 Chapter No 4: –

 

S. No. ParticularsAssets


 LiabilitiesCapital
Cash + Ad. Rent +Stock
+equipmentCreditor
aCommenced business with cash18,000  18,000
  18,000  18,000
bRent paid in advance-400+400  
  17,600+400  18,000
cPurchased goods on credit and cash-5,000 +7,000 2,000
  12,600+400+ 7000 2,00018,000
dSold goods at profit on the cash+4,000 -2,400  +1,600
  16,600+400+ 4,600 2,00019,600
eRent paid and outstanding rent paid-1,200    -1,200
  15,400+400+ 4,600 2,00018,400
fBought motorcycle for personal use+-8,000    -8,000
  15,400+400+ 4,600 2,00010,400
gPurchased equipment for cash-500  + 500  
  6,900+400+ 4,600+ 5002,00010,400
hPaid to creators-600   – 600 
  6,300+400+ 4,600+ 5001,40010,400
iDepreciation on equipment   -25 -25
 Total 6,300+400+ 4,600+ 475
1,40010,375


Answer: –

Assets =
6,300 + 400 6+ 4,600 + 475 = 11,775/-

Capital = 10,375/-

Liabilities = 1,400/-

Liabilities  +Capital

1,400+ 10,375= 11,775/-

 

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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