Question No 7 Chapter No 4
7. Show the following transaction on the accounting equation:
| (i) | Bhupinder commenced business with cash Rs 65,000 and stock Rs 35,000 |
| (ii) | Purchased goods on credit Rs 14,000 |
| (iii) | Sold goods (costing Rs 15,500) for Rs 12,500on credit |
| (iv) | Returned goods to supplier Rs 4,000 |
| (v) | Cash paid to Supplier Rs 5,500 |
| (vi) | Goods returned by a customer Rs 3,000 (cost Rs 2,800) |
| (vii) | Cash received from a customer Rs 4,500 |
The solution of Question No 7 Chapter No 4: –
| S. No. | Particulars | Assets | Liabilities | Capital | ||
| Cash | +Stock | + Debtors |
Creditor | |||
| 1 | Commenced business with cash and Stock | 65,000 | +35,000 | – | – | 1,00,000 |
| 65,000 | +35,000 | – | – | 1,00,000 | ||
| 2 | Purchased goods on credit | + 14,000 | – | 14,000 | ||
| 65,000 | +49,000 | – | 14,000 | 1,00,000 | ||
| 3 | Sold goods on credit at a loss | – | – 15,500 | + 12,500 | – | -3,000 |
| 65,000 | +33,500 | + 12,500 | 14,000 | 97,000 | ||
| 4 | Returned goods to supplier | – | – 4,000 | – | – 4,000 | – |
| 65,000 | +29,500 | + 12,500 | 10,000 | 97,000 | ||
| 5 | Cash paid to Supplier | – 5,500 | – | – | – 5,500 | – |
| 59,500 | +29,500 | + 12,500 | 4,500 | 97,000 | ||
| 6 | Goods return by customer | +2,800 | -3,000 | -200 | ||
| 59,500 | +32,300 | + 9,500 | 4,500 | 96,800 | ||
| 7 | Cash received from customer | +4,500 | -4,500 | – | ||
| Total | 64,000 | +32,300 |
+ 5,000 | 4,500 |
96,800 | |
Answer: –
Assets = 64,000 + 32,300 + 5,000 = 1,01,300/-
Capital = 96,800/-
Liabilities = 4,500 /-
Liabilities +Capital
4,5000+ 96,800= 1,01,300/-
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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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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