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. ParticularsAssets
Bank+Stock +Input CGST+Input
SGST

+Input
IGST

iCommenced business with cash3,00,000    
  3,00,000    
iiPurchased 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 
iiiPurchased 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
ivPaid telephone bill plus CGST and SGST 9%-5,900 +450+450 
  63,700+1,80,000+11,650+11,650+28,000
vpaid to lawyer plus CGST and SGST 9%-35,400 +2,700+2,700 
  28,300+1,80,000+14,350+14,350+28,000
viSold goods on profit plus CGST and SGST 14%+96,000-60,000   
  1,24,3001,20,000+14,350+14,350+28,000
viiSold goods on profit plus IGST 28%+64,000-40,000   
  1,88,300+ 80,000+14,350+14,350+28,000
viiiSettled 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
vi10,50010,500 +15,000
 10,50010,500 2,80,000
vii  +14,000+10,000
 10,50010,500+14,0002,90,000
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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