Question No 21 Chapter No 4

Question No 21 Chapter No 4

21. From the following information, calculate total assets of the business:
Capital Rs 40,000; Creditor Rs 30,000; Revenue earned during the period Rs 75,000; Expenses incurred during the period Rs 20,000; Value of stock unsold Rs 20,000

 

The solution of Question No 21 Chapter No 4: –

 

 

 Assets
LiabilitiesCapital
Given?30,00040,000 + 55,000
    

∴Assets = Rs 30,000 + (Rs 40,000 + Rs 55,000) = Rs 1,25,000



Working Note : –

It is given that revenue due to the year id Rs 75,000 and expenses incurred are Rs 20,000. thus, profit during the year = Revenue – Expenses i.e. Rs 75,000 – Rs 20,00 = Rs 55,000

 

 

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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