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 use 1,700
(iv) Purchased goods for cash  10,000
(v)  Paid wages 300
(vi) Paid to creditor 10,000
(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.  Particulars Assets Liabilities Capital
Cash  +Stock +Debtors Creditor
1 Commenced business with cash, Stock and furniture 70,000 70,000
    70,000 70,000
2 Purchase goods on credit   +14,000 + 14,000
    70,000 + 14,00 14,000 70,000
3 Withdrew for private use – 1,700   – 1,700
    68,300 +14,000 14,000 68,300
4 Purchased goods on cash -10,000 +10,000    
    58,300 +24,000   14,000 68,300
5 Paid wages – 300 –    – 300
    48,000 +24,000   14,000 68,000
6 Paid creditor -10,000     – 10,000 -100
    48,000 +24,000   4,000 68,000
7 Sold goods on credit at profit   – 12,000 +15,000 +3,000
    48,000 +12,000 + 15,000 4,000 71,000
8 Sold 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/-

 

 

 

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