Question No 9 Chapter No 4 – USHA Publication 11 Class

Question No 9 Chapter No 4

Question No 9 Chapter No 4

9. Show the accounting equation on the basis of the following transaction and present a balance sheet:

  Rs
(i) Mohan commenced business with 70,000
(ii)Purchased goods on credit 14,000
(iii)Withdrew for private use1,700
(iv)Purchased goods for cash 10,000
(v) Paid wages300
(vi)Paid to creditor10,000
(vii)Sold goods coating Rs 12,000 on credit 15,000
(viii)Sold goods for cash (cost price RS 3,000) 4,000

 

 

The solution of Question No 9 Chapter No 4: –

 

S. No. ParticularsAssetsLiabilitiesCapital
Cash +Stock+DebtorsCreditor
1Commenced business with cash, Stock and furniture70,00070,000
  70,00070,000
2Purchase goods on credit +14,000+ 14,000
  70,000+ 14,0014,00070,000
3Withdrew for private use– 1,700 – 1,700
  68,300+14,00014,00068,300
4Purchased goods on cash-10,000+10,000  
  58,300+24,000 14,00068,300
5Paid wages– 300–  – 300
  48,000+24,000 14,00068,000
6Paid creditor-10,000  – 10,000-100
  48,000+24,000 4,00068,000
7Sold goods on credit at profit – 12,000+15,000+3,000
  48,000+12,000+ 15,0004,00071,000
8Sold goods on cash at profit+4,000-3,000  +1,000
 Total 52,000+9,000
+15,000
4,000
72,000


Answer: –

Assets =
52,000 + 9,000 + 15,000 = 76,000/-

Capital = 72,000/-

Liabilities = 4,000/-

Liabilities  +Capital

4,000+ 72,000= 76,000/-

 

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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