Question No 4 Chapter No 4 – USHA Publication 11 Class

Question No 4 Chapter No 4

Question No 4 Chapter No 4

4. Show the effect of the following transaction on the accounting equations and prepare a balance sheet at the end :

   
(i)  Surveen commenced business with cash Rs 60,000 and Stock Rs 30,000
(ii) Purchased goods for cash Rs 30,000 and on credit Rs 15,000
(iii) Sold goods (costing Rs 16,000) for Rs 14,000 in cash 
(iv) Sold goods (costing Rs 12,000) for Rs 15,000 on credit 
(v)  Goods donated for Leh Ladakh residents Rs 7,000
(vi) Goods are withdrawn by Surveen for personal use Rs 9,500

 

The solution of Question No 4 Chapter No 4: –

 

S. No.  Particulars Assets Liabilities Capital
Cash  +Stock +Debtors Creditor 
1 Commenced business with cash and bank 60,000 +30,000 90,000
    60,000 +30,000 90,000
2 Purchased goods on cash and on credit -30,000 +45,000 15,000
    30,000 +75,000 15,000 90,000
3 Sold goods on cash at loss + 14,000 – 16,000 – 2,000
    44,000 +59,000   15,000 88,000
4 Sold goods on credit at profit -12,000 +15,000 + 3,000
    44,000 +46,000 +15,000 15,000 91,000
5 Goods donated – 11,000 – 11,000
    86,000 +35,000 +15,000   1,21,000
6 Additional capital introduced   – 7,000     – 7,000
    44,000 +47,000 +15,000 15,000 84,000
7 Goods with drawn for personal use – 9,500     – 9,500
  Total  44,000 +30,500
+ 15,000 15,000
74,500

 

 

Answer: –
Assets
= 44,000 + 30,500 + 15,000 = 89,500/-

Capital = 74,500/-

Liabilities = 15,000/-

Liabilities  +Capital

15,000+ 74,500= 89,500/-

 

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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