Question No 2 Chapter No 4 - USHA Publication 11 Class

Question No 2 Chapter No 4

2. Prepare accounting equation on the basis of the following:

(i)	Harmanjit started the business with cash of Rs 2,00,000
(ii)	Furniture purchased for cash Rs 20,000
(iii)	Rent paid in cash Rs 2,000
(iv)	Purchased goods on credit Rs 30,000
(v)	Sold goods (cost price Rs 20,000) for cash in cash

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The solution of Question No 2 Chapter No 4: –

S. No.	Particulars	Assets			Liabilities	Capital
S. No.	Particulars	Cash	+ Furniture	+stock	+Bank loan+ Johan	Capital
1	Harmanjit Started Business with cash	2,00,000	–	–	–	2,00,000
		2,00,000	–	–	–	2,00,000
2	Furniture purchased for cash	-20,000	+ 20,000	–	–	–
		1,80,000	+ 20,000	–	–	2,00,000
3	Rent paid in cash	– 2,000		+	–	– 2,000
		1,78,000	+ 20,000		–	1,98,000
4	Purchased goods on credit	– 15,000	–	+30,000	+30,000
		2,72,000	+ 20,000	+30,000	30,000	1,98,000
5	Sold goods on profit	+ 25,000		– 20,000	–	+ 5,000
	Total	2,03,000	+20,000	+10,000	+30,000	+2,03,000

Answer: –

Assets = 2,03,000 + 20,000 + 10,000 = 2,33,000/-

Liabilities = 30,000/-

Capital = 2,03,000/-

Liabilities +Capital

30,000 + 2,03,000= 2,33,000/-

What is Accounting Equation | Example

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