Question No 16 Chapter No 4 – USHA Publication 11 Class

Question No 16 Chapter No 4

Question No 16 Chapter No 4

16. Show the effect of the following transaction on accounting equation:

   
(i)  Samuel commenced business with cash Rs 60,000 and furniture Rs 30,000
(ii) Purchased goods on credit from Manisha Rs 45,000
(iii) Sold 2/3rd of the above goods at a profit of 25% on sale. Half the payment received immediately 
(iv) 2/3rd of the amount due to Manisha was paid after deducting 4% cash discount.
(v)  Accepted a bill drawn by Manisha Rs 20,000
(vi) Depreciate furniture by 10%

 

The solution of Question No 16 Chapter No 4: –

 

S. No.  Particulars Assets
Liabilities Capital
Cash  +Furniture +Stock
+Debtors
Creditor+. B/p
i Commenced business with cash and furniture 60,000 +30,000     90,000
    45,000 +35,000     90,000
ii Purchased goods on credit -20,000   +45,000   +45,000
    60,000 + 30,000 +45,000   +45,000 90,000
iii Sold goods at a profit and half payment received +20,000   -30,000 +20,000 +10,000
    80,000 + 30,000 +15,000 +20,000 +45,000 1,00,000
iv Cash paid to creditor after deducting discount -14,400       -15,000 +600
    65,600 + 30,000 +15,000 +20,000 +30,000 1,00,600
v Accepted a bill drawn by creditor         -20,000
+20,000

    65,600 + 30,000 +15,000 +20,000 10,000 + 20,000 1,00,600
vi Depreciate furniture   -3,000       -3,000
  Total  65,600 + 27,000
+15,000 + 20,000
10,000+ 20,000 97,600


Answer: –

Assets =
65,600 + 27,000 + 15,000 + 20,000   = 1,27,600/-

Capital = 97,600/-

Liabilities = 10,000 + 20000  = 30,000/-

Liabilities  +Capital

30,000 + 97,600 = 1,27,600/-

To understand more about Vouchers and Transaction please check out following links: –

What is Accounting Equation | Example

Thanks, Please Like and share with your friends  

Comment if you have any question.

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)

 

.

 

Leave a Reply