Question No 7 Chapter No 4 – USHA Publication 11 Class

Question No 7 Chapter No 4

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

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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 Interest received – 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/-

 

 

 

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