Question No 19 Chapter No 4
19. From the effect of the following transaction of Sumitra, prepare the accounting equation:
| (i) | Commenced business with bank balance Rs 1,50,000. |
| (ii) | Purchased goods wroth Rs 40,000 plus CGST 6% and SGST 6% from Amina . |
| (iii) | Purchased goods worth Rs 25,000 from other state plus 12% IGST through cheque. |
| (iv) | Purchased computer for RS 30,000 plus 9% CGST and SGST 6% paid by cheque. |
| (v) | Sold goods costing Rs 30,000 for Rs 45,000 plus CGST and SGST 6% against cheque. |
| (vi) | Paid Rs 15,000 for repairs and maintenance of building plus 9% CGST and SGST. |
| (vii) | Paid Rs 6,000 for printing plus 9% CGST and SGST. |
| (viii) | Sold goods costing Rs 20,000 for Rs 16,000 plus 6% CGST and SGST. |
The solution of Question No 19 Chapter No 4: –
| S. No. | Particulars | Assets |
|||||
| Bank | +Stock | +Input CGST | +Input SGST |
+Input |
+computer | ||
| i | Commenced business with cash | 1,50,000 | |||||
| 1,50,000 | |||||||
| ii | Purchased goods on credit plus CGST and SGST 6% | +40,000 | +2,400 | +2,400 | |||
| 1,50,000 | +40,000 | +2,400 | +2,400 | ||||
| iii | Purchased goods on cheque plus IGST 12% | -28,000 | +25,000 | +3,000 | |||
| 1,22,000 | +65,000 | +2,400 | +2,400 | +3,000 | |||
| iv | Purchased computer plus CGST and SGST 9% | -35,400 | +2,700 | +2,700 | +30,000 | ||
| 86,600 | +65,000 | +5,100 | +5,100 | +3,000 | +30,000 | ||
| v | Sold goods on profit with CGST and SGST6% | +50,400 | -30,000 | ||||
| 1,37,000 | +35,000 | +5,100 | +5,100 | +3,000 | +30,000 | ||
| vi | Paid repair and maintenance of building | -17,700 | +1,350 | +1,350 | |||
| 1,19,300 | +35,000 | +6,450 | +6,450 | +3,000 | +30,000 | ||
| vii | Paid for printing plus 9%CGST and SGST | -7,080 | +540 | +540 | |||
| 1,12,220 | +35,000 | +6,990 | +6,990 | +3,000 | +30,000 | ||
| viii | Sold goods at loss plus CGST and SGST6% | +17,920 | -20,000 | ||||
| Total | 1,30,140 | +15,000 |
+6,990 |
+6,990 |
+3,000 |
+30,000 |
|
| S. No. | Liabilities |
Capital | ||
| Creditor | +Output CGST |
+Output SGST |
||
| i | – | 1,50,000 | ||
| – | 1,50,000 | |||
| ii | 44,800 | – | ||
| 44,800 | 1,50,000 | |||
| iii | – | -1,000 | ||
| 44,800 | 1,50,000 | |||
| iv | ||||
| 44,800 | 1,50,000 | |||
| v | +2,700 | +2,700 | 15,000 | |
| 44,800 | +2,700 | +2,700 | 1,65,000 | |
| vi | -15,000 | |||
| 44,800 | +2,700 | +2,700 | 1,50,000 | |
| vii | -6,000 | |||
| 44,800 | +2,700 | +2,700 | 1,44,000 | |
| viii | 44,800 | +960 | +960 | -4,000 |
| 44,800 | +3,660 |
+3,660 |
1,41,000 | |
Answer: –
Assets = 1,30,140 + 15,000 + 6,990 + 6,990 + 3,000 + 30,000 = 1,92,120 /-
Capital = 1,41,000 /-
Liabilities = 44,800 + 3,660 + 3,660 =52,120 /-
Liabilities +Capital
44,800 + 3,660 + 3,660 + = 1,92,120/-
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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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)