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 +InputSGST +InputIGST +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 +OutputCGST +OutputSGST 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

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/-

What is Accounting Equation | Example

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## 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)