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Question No 7 Chapter No 4 – USHA Publication 11 Class

Question No 7 Chapter No 4
Q-7 - CH-4 - USHA +1 Book 2020 - Solution

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Question No 7 Chapter No 4

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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. ParticularsAssetsLiabilitiesCapital
Cash +Stock+ Debtors
Creditor
1Commenced business with cash and Stock65,000+35,0001,00,000
  65,000+35,0001,00,000
2Purchased goods on credit + 14,00014,000 
  65,000+49,00014,0001,00,000
3Sold goods on credit at a loss– 15,500+ 12,500-3,000
  65,000+33,500+ 12,50014,00097,000
4Returned goods to supplier– 4,000– 4,000
  65,000+29,500+ 12,50010,00097,000
5Cash paid to Supplier– 5,500– 5,500
  59,500+29,500+ 12,5004,50097,000
6Goods return by customer +2,800-3,000 -200
  59,500+32,300+ 9,5004,50096,800
7Cash received from customer+4,500 -4,500 
       
 Total 64,000+32,300
+ 5,0004,500
96,800


Answer: –

Assets = 64,000 + 32,300 + 5,000 = 1,01,300/-

Capital = 96,800/-

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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. 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

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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

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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)

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Chapter No. 18 – Financial Statements – (With Adjustments)

 

 

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