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.  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


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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