Question No 14 Chapter No 4 – USHA Publication 11 Class

Question No 14 Chapter No 4

Question No 14 Chapter No 4

14. Show the accounting equation from the following transaction:

(i) Tina commenced business with cash Rs 50,000
(ii)Purchased goods for cash Rs 20,000 and on credit Rs 30,000
(iii)Sold goods for cash Rs 40,000 (coating Rs 30,000)
(iv)Rent paid Rs 5,000
(v) Brought furniture Rs 15,000 on credit 
(vi)Brought refrigerator for personal use Rs 4,000
(vii)Purchased building for cash Rs 20,000
(viii)Wages outstanding Rs 2,000

 

 

The solution of Question No 14 Chapter No 4: –

 

S. No. ParticularsAssets
LiabilitiesCapital
Cash + Ad. Rent +Stock
+Building
Creditor + out.wages
iCommenced business with cash50,000  50,000
  50,000  50,000
iiPurchased goods cash and on credit-20,000+50,000  +30,000
  17,600+50,000  +30,00050,000
iiiSold goods on cash+40,000-30,000  +10,000
  70,000+20,000  +30,00060,000
ivRent paid-5,000    -5,000
  65,000+20,000  30,00055,000
vBought furniture on credit  +15,000 +15,000
  65,000+20,000+15,000 45,00055,000
viBrought refrigerator for personal use-4,000    -4,000
  61,000+20,000+15,000 45,00051,000
viiPurchased building for cash-20,000  + 20,000  
  41,000+20,000+15,000+ 20,00045,00051,000
viiiWages outstanding-600   +2,000-2,000
 Total 41,000+20,000+15,000+ 20,000
45,000+ 2,00049,000


Answer: –

Assets =
41,000 + 20,000 + 15,000 + 20,000 = 96,000/-

Capital = 49,000/-

Liabilities = 45,000 + 2,000 = 47,000/-

Liabilities  +Capital

47,000 + 49,000= 96,000/-

 

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. 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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