Question No 24 Chapter No 4 – USHA Publication 11 Class

Question No 24 Chapter No 4

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2018, hiss assets were worth Rs 6,00,000 and Loan pending Rs 70,000 He introduced further capital Of Rs 60,000 and had withdrawn Rs 40,000 for personal use.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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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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