Question No 15 Chapter No 4 – USHA Publication 11 Class

Question No 15 Chapter No 4

Question No 15 Chapter No 4

15. Show the accounting equation from the following transaction:

   
(i)  George started the business with cash Rs 45,000 and bank balance Rs 35,000
(ii) Purchased goods for cash Rs 20,000 and on credit Rs 10,000
(iii) Sold half of the total above goods purchased at a profit of 20% on cost.
(iv) Dividend received from tata tea co. Rs 4,000 by bank draft
(v)  Advance received from a customer Rs 5,000 by cheque 
(vi) Goods destroyed by fire Rs 12,000. Insurance company admitted the claim for Rs 9,000

 

The solution of Question No 15 Chapter No 4: –

 

S. No.  Particulars Assets
Liabilities Capital
Cash  +Bank +Stock
+Insurance
Co.
Creditor+ adv. customer
i Commenced business with cash and bank 45,000 +35,000     80,000
    45,000 +35,000     80,000
ii Purchased goods on cash and on credit -20,000   +30,000   +10,000
    25,000 +35,000 +30,000   +10,000 80,000
iii Sold goods at profit of 20% on cost +18,000   -15,000   +3,000
    43,000 +35,000 +15,000   10,000 83,000
iv Rent paid   +4,000       +4,000
    43,000 +39,000 +15,000   10,000 87,000
v Advance received from a customer by cheque   +5,000     +5,000
    43,000 +44,000 +15,000   10,000 + 5,000 87,000
vi Goods destroyed by fire insurance company admitted claim     -12,000 9,000   -3,000
  Total  43,000 +44,000
+ 3,000 + 9,000
10,000+ 5,000 84,000


Answer: –

Assets =
43,000 + 44,000 + 3,000 + 9,000  = 99,000/-

Capital = 84,000/-

Liabilities = 10,000 + 5,000  = 15,000/-

Liabilities  +Capital

15,000 + 84,000 = 99,000/-

 

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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