# Question No 16 Chapter No 4 – USHA Publication 11 Class

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 Content covered in this article:

## 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)

.