Question No 3 Chapter No 4 – USHA Publication 11 Class

Question No 3 Chapter No 4

Question No 3 Chapter No 4

3. Prove that the accounting equation is satisfied in all the following transaction of Suresh and prepare balance sheet at the end :

   
(i)  Commenced business with cash Rs 80,000 and bank balance Rs 40,000
(ii) Cash is withdrawn from bank for office use Rs 15,000
(iii) Interest bill paid in cash Rs 9,000
(iv) Commission received by cheque Rs 21,000
(v)  Cash is withdrawn from the bank for personal use Rs 11,000
(vi) Additional capital introduced Rs 24,000
(vii) Charged interest on drawings Rs 2,000

The solution of Question No 3 Chapter No 4: –

 

S. No.  Particulars Assets Liabilities Capital
Cash  +Bank    
1 Commenced business with cash and bank 80,000 +40,000 1,20,000
    80,000 +40,000 1,20,000
2 Cash is withdrawn from bank for office use + 15,000 – 15,000
    95,000 +25,000 1,20,000
3 Internet bill paid in cash – 9,000   – 9,000
    86,000 +25,000   1,11,000
4 Commission received by cheque +21,000 + 21,000
    86,000 +46,000   + 1,32,000
5 Cash is withdrawn from bank for personal use – 11,000 – 11,000
    86,000 +35,000     1,21,000
6 Additional capital introduced + 24,000       + 24,000
    1,10,000 +35,000     1,45,000
7 Charged interest on drawing     -2,000+2,000

  Total  1,10,000 +35,000

+1,45,000

Answer: –

Assets = 1,10,000+ 35,000 = 1,45,000/-

Capital = 1,43,000/-

To understand more about Vouchers and Transaction please check out following links: –

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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