# Question No 14 Chapter No 4 – USHA Publication 11 Class

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. Particulars Assets Liabilities Capital Cash + Ad. Rent +Stock +Building Creditor + out.wages i Commenced business with cash 50,000 – – 50,000 50,000 – – 50,000 ii Purchased goods cash and on credit -20,000 +50,000 +30,000 – 17,600 +50,000 +30,000 50,000 iii Sold goods on cash +40,000 -30,000 – +10,000 70,000 +20,000 +30,000 60,000 iv Rent paid -5,000 -5,000 65,000 +20,000 30,000 55,000 v Bought furniture on credit +15,000 +15,000 – 65,000 +20,000 +15,000 45,000 55,000 vi Brought refrigerator for personal use -4,000 -4,000 61,000 +20,000 +15,000 45,000 51,000 vii Purchased building for cash -20,000 + 20,000 41,000 +20,000 +15,000 + 20,000 45,000 51,000 viii Wages outstanding -600 +2,000 -2,000 Total 41,000 +20,000 +15,000 + 20,000 45,000+ 2,000 49,000

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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## 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)