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. ParticularsAssets
LiabilitiesCapital
Cash +Furniture+Stock
+Debtors
Creditor+. B/p
iCommenced business with cash and furniture60,000+30,000  90,000
  45,000+35,000  90,000
iiPurchased goods on credit-20,000 +45,000 +45,000
  60,000+ 30,000+45,000 +45,00090,000
iiiSold goods at a profit and half payment received+20,000 -30,000+20,000+10,000
  80,000+ 30,000+15,000+20,000+45,0001,00,000
ivCash paid to creditor after deducting discount-14,400   -15,000+600
  65,600+ 30,000+15,000+20,000+30,0001,00,600
vAccepted a bill drawn by creditor    -20,000
+20,000

  65,600+ 30,000+15,000+20,00010,000 + 20,0001,00,600
viDepreciate furniture -3,000   -3,000
 Total 65,600+ 27,000
+15,000+ 20,000
10,000+ 20,00097,600


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

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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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