Question No 6 Chapter No 4 – USHA Publication 11 Class

Question No 6 Chapter No 4

Question No 6 Chapter No 4

6. Arvind has the following transaction. Use accounting equation to show their effect on his assets, liabilities and capital:

(i)  Commenced business with cash Rs 90,000 and bank balance Rs 40,000
(ii) Travelling expenses paid by cheque Rs 7,000
(iii) Salary due but not paid Rs 5,500
(iv) Rent paid for next year by cheque Rs 6,000
(v)  Interest received Rs 12,000
(vi) Interest due but not received Rs 8,000
(vii) Commission received in advance for next year Rs 9,000

 

The solution of Question No 6 Chapter No 4: –

 

S. No.  Particulars Assets Liabilities Capital
Cash  +Stock + prepaid rent+ Interest Accrued
Sal.Due. +Com. Re.adv

1 Commenced business with cash 90,000 +40,000 1,30,000
    90,000 +40,000 1,30,000
2 Travelling expenses paid by cheque   – 7,500 -7,500
    90,000 +32,500 1,22,500
3 Salary due but not paid 5,500 -5,500
    90,000 +26,500 + 6,000 5,500 1,17,000
4 Rent paid for next Year by cheque +12,000 – 6,000 + 6,000
    90,000 +26,500 + 6,000 5,500 1,17,000
5 Interest received +12,000 +12,000
    1,02,000 +26,500 + 6,000 5,500 1,29,000
6 Interest due but not received   + 8,000  
    1,02,000 +26,500 6,000 +8,000 5,500 1,29,000
7 Commission received in advance +9,000     +9,000  
             
  Total  1,110,00 +26,500
+ 6,000 +8,000 5,500 +9,000
1,29,000

 

Answer: –
Assets =
1,10,000 + 26,500 + 6,000 + 8,000 = 1,51,500/-

Capital = 1,29,,000/-

Liabilities = 5,500 + 9,000/-

Liabilities  +Capital

5,5000 + 9,000+ 1,29,000= 1,51,500/-

 

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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