Question No 19 Chapter No 4

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. ParticularsAssets
Bank+Stock +Input CGST+Input
SGST

+Input
IGST

+computer
iCommenced business with cash1,50,000     
  1,50,000     
iiPurchased goods on credit plus CGST and SGST 6% +40,000+2,400+2,400  
  1,50,000+40,000+2,400+2,400  
iiiPurchased goods on cheque plus IGST 12%-28,000+25,000  +3,000 
  1,22,000+65,000+2,400+2,400+3,000 
ivPurchased 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
vSold goods on profit with CGST and SGST6%+50,400-30,000    
  1,37,000+35,000+5,100+5,100+3,000+30,000
viPaid repair and maintenance of building-17,700 +1,350+1,350  
  1,19,300+35,000+6,450+6,450+3,000+30,000
viiPaid for printing plus 9%CGST and SGST-7,080 +540+540  
  1,12,220+35,000+6,990+6,990+3,000+30,000
viiiSold 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
ii44,800  
 44,800  1,50,000
iii  -1,000
 44,800  1,50,000
iv    
 44,800  1,50,000
v +2,700+2,70015,000
 44,800+2,700+2,7001,65,000
vi   -15,000
 44,800+2,700+2,7001,50,000
vii   -6,000
 44,800+2,700+2,7001,44,000
viii44,800+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/-

 

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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