Question No 20 Chapter No 4 – USHA Publication 11 Class

Question No 20 Chapter No 4

Question No 20 Chapter No 4

20. From the following transaction of Madhu Bala, prepare the accounting equation:

   
(i)  Commenced business with bank balance Rs 3,00,000.
(ii) Purchased goods coating Rs 80,000 plus 14% CGST and SGST.
(iii) Purchased goods from the other state Rs 1,00,000 plus 28% IGST.
(iv) Paid telephone bill Rs 5,000 plus 9% CGST and SGST .
(v)  Paid lawyer’s fee Rs 30,000 and deposited 9% CGST and SGST.
(vi) Sold goods coating Rs 60,000 for 75,000 plus 14% CGST and SGST.
(vii) Sold goods coating Rs 40,000 for Rs 50,000in other state plus 28% IGST.
(viii) Settled GST liability, if any.

 

The solution of Question No 20 Chapter No 4: –

 

S. No.  Particulars Assets
Bank +Stock +Input CGST +Input
SGST

+Input
IGST

i Commenced business with cash 3,00,000        
    3,00,000        
ii Purchased goods on credit plus CGST and SGST 14% -1,02,400 +80,000 +11,200 +11,200  
    1,97,600 +80,000 +11,200 +11,200  
iii Purchased goods on cheque plus IGST 28% -1,28,000 +1,00,000     +28,000
    69,600 +1,80,000 +11,200 +11,200 +28,000
iv Paid telephone bill plus CGST and SGST 9% -5,900   +450 +450  
    63,700 +1,80,000 +11,650 +11,650 +28,000
v paid to lawyer plus CGST and SGST 9% -35,400   +2,700 +2,700  
    28,300 +1,80,000 +14,350 +14,350 +28,000
vi Sold goods on profit plus CGST and SGST 14% +96,000 -60,000      
    1,24,300 1,20,000 +14,350 +14,350 +28,000
vii Sold goods on profit plus IGST 28% +64,000 -40,000      
    1,88,300 + 80,000 +14,350 +14,350 +28,000
viii Settled GST Liability     -10,500 -10,500 -14,000
  Total  188,300 + 80,000
+3,850
+3,850
+14,000



 

S. No.  Liabilities
Capital
+Output
CGST
+Output
SGST
+Output
IGST
i     3,00,000
      3,00,000
ii      
        3,00,000
iii      
        3,00,000
iv       -5,000
        2,95,000
v       -30,000
        2,65,000
vi 10,500 10,500   +15,000
  10,500 10,500   2,80,000
vii     +14,000 +10,000
  10,500 10,500 +14,000 2,90,000
viii -10,500 -10,500 -14,000 -4,000
 

2,90,000




Answer: –

Assets =
1,88,300 + 80,000 + 3,850 + 3,850 + 14,000 = 2,90,000/-

Capital = 2,90,000/-

 

 

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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