Question No 29 Chapter No 5 – T.S. Grewal 11 Class

Question No.29 - Chapter No.5- T.S. Grewal +1 Book 2019

Question No 29 Chapter No 5

29. Draw an Accounting Equation from the following transactions: –

(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000

(ii) Car, personal asset of proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.

(iii) An amount of Rs 50,000 was transferred from his saving account to the firm’s bank Account.

(iv) A new car was purchased for Rs 6,00,000 for office use. It was paid by taking loan from bank of Rs 5,00,000 and balance by issue of cheque from firm’s Bank Account.

(v) Sold goods to Ajay on credit costing Rs 4,000 for Rs 5,000.

(vi) Sold goods for cash costing Rs 12,000 for 16,000.

(vii) Purchased goods for cash Rs 40,000

(viii) Purchased goods for credit Rs 20,000

(ix) Paid rent Rs 3,000 including Rs 2,000 in advance.

(x) Paid salary Rs 2,000

(xi) Sold goods costing Rs 8,000 for 10,000.

(xii) Salaries outstanding Rs 1,000

(xiii) Charge depreciation on furniture Rs 500.

Solution of Question No 29 Chapter No 5: –

Note: “Because we less width so we have divided our table into two parts 1st table shows assets and 2nd table shows liabilities and capital.” 

S. No.  Particulars Assets
Cash +Bank +Stock +Furn. +Veh. +Dbt.

+Adv Rent

(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000 +50000 +100000 +30000 +20000      
    50000 +100000 +30000 +20000      
(ii) Car, personal asset of proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.              
    50000 +100000 +30000 +20000      
(iii) An amount of Rs 50,000 was transferred from his saving account to the firm’s bank Account.   +50000          
    50000 +150000 +30000 +20000      
(iv) A new car was purchased for Rs 6,00,000 for office use. It was paid by taking loan from bank of Rs 5,00,000 and balance by issue of cheque from firm’s Bank Account.   -100000     +600000    
    50000 +50000 +30000 +20000 +600000    
(v) Sold goods to Ajay on credit costing Rs 4,000 for Rs 5,000.     -4000     +5000  
    50000 +50000 +26000 +20000 +600000 +5000  
(vi) Sold goods for cash costing Rs 12,000 for 16,000. +16000   -12000        
    66000 +50000 +14000 +20000 +600000 +5000  
(vii) Purchased goods for cash Rs 40,000 -40000   +40000        
    26000 +50000 +54000 +20000 +600000 +5000  
(viii) Purchased goods for credit Rs 20,000     +20000        
    26000 +50000 +74000 +20000 +600000 +5000  
(ix) Paid rent Rs 3,000 including Rs 2,000 in advance. -3000           +2000
    23000 +50000 +74000 +20000 +600000 +5000  +2000
(x) Paid salary Rs 2,000 -2000            
    21000 +50000 +74000 +20000 +600000 +5000  +2000
(xi) Sold goods costing Rs 8,000 for 10,000. +10000   -8000        
    31000 +50000 +66000 +20000 +600000 +5000  +2000
(xii) Salaries outstanding Rs 1,000              
    31000 +50000 +66000 +20000 +600000 +5000  +2000
(xiii) Charge depreciation on furniture Rs 500.       -500      
    31000 +50000 +66000 +19500 +600000 +5000 +2000

 

S. No.  Particulars Liabilities
Capital
+ Bank Loan
+Crdt. + O/s Salary
(i) Commenced business with cash Rs 50,000, cheque Rs 1,00,000, goods Rs 30,000 and Furniture Rs 20,000       +200000
          +200000
(ii) Car, personal asset of proprietor, was sold for Rs 1,00,000 against cheque which he deposited in his saving account.        
          +200000
(iii) An amount of Rs 50,000 was transferred from his saving account to the firm’s bank Account.       +50000
          +250000
(iv) A new car was purchased for Rs 6,00,000 for office use. It was paid by taking loan from bank of Rs 5,00,000 and balance by issue of cheque from firm’s Bank Account. +500000      
    +500000     +250000
(v) Sold goods to Ajay on credit costing Rs 4,000 for Rs 5,000.       +1000
    +500000     +251000
(vi) Sold goods for cash costing Rs 12,000 for 16,000.       +4000
    +500000     +255000
(vii) Purchased goods for cash Rs 40,000        
    +500000     +255000
(viii) Purchased goods for credit Rs 20,000   +20000    
    +500000 +20000   +255000
(ix) Paid rent Rs 3,000 including Rs 2,000 in advance.       -1000
    +500000 +20000   +254000
(x) Paid salary Rs 2,000       -2000
    +500000 +20000   +252000
(xi) Sold goods costing Rs 8,000 for 10,000.       +2000
    +500000 +20000   +254000
(xii) Salaries outstanding Rs 1,000     +1000 -1000
    +500000 +20000  +1000 +253000
(xiii) Charge depreciation on furniture Rs 500.       -500
    +500000 +20000 +1000 +252500

 

Answer: –

Assets = Cash 31,000 + Bank 50,000 + Stock 66,000 + Furniture 19,500 + Vehicle + 6,00,000 + Debtors 5,000 + Prepaid Rent 2,000 = 7,73,500/-

Liabilities: – Bank Loan 5,00,000 + Creditors 20,000 +  Outstanding Salary 1,000 =  5,21,000/-

Capital = 2,52,500/-

Liabilities  +Capital

5,21,000 + 2,52,500 = 7,73,500/-

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