Question No 24 Chapter No 4
24. Parveen commenced business on 1st April 2018 with a capital of Rs 5,00,000 and a loan of Rs 1,00,000 from LIC Housing Finance Co. On 31st March 2018, hiss assets were worth Rs 6,00,000 and Loan pending Rs 70,000 He introduced further capital Of Rs 60,000 and had withdrawn Rs 40,000 for personal use. Find out his capital on 31st March 2018 and profit or loss during the year 2017-18
The solution of Question No 24 Chapter No 4: –
| Assets | = | Closing Capital + Liabilities |
| ∴ Closing Capital | = | Assets – Liabilities |
| = | 6,00,000 – 70,000 | |
| Closing Capital | = | 5,30,000 |
| Closing Capital | = | Closing Capital – further Capital + Drawing |
| = | 5,30,000 – 60,000 – 40,000 | |
| = | 5,10,000 | |
| Profit | = | Closing Capital – Opening Capital |
| = | 5,10,000 – 5,00,000 | |
| = | 10,000 |
What is Accounting Equation | Example
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
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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)