Question

class 11 accountancy chapter-Acounting equation question answer​

Answer 1

Answer:

DK Goel Accountancy Class 11 Solutions Chapter 6 Accounting Equations which are outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy books. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. There are numerous concepts in Accountancy, but the concepts of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required.

Explanation:

Question 1

Give two basic purposes of the accounting equation.

Solution: The two basic purposes of the accounting equation are.

(i) The accounting equation is always equal it ensures the accuracy in the recording of a business transaction.

(ii) It helps in preparation of the balance sheet.

Question 3

The position of a businessman on 30th June 1994 was as follows –

Cash ₹5,000, Debtor ₹20,000, Machinery ₹60,000, Stock ₹25,000, Capital ₹75,000. Calculate his liabilities.

Solution: Liabilities = Assets- Capital

Liabilities = ₹5,000 + ₹20,000 + ₹60,000 + ₹25,000 – ₹75,000

= ₹1,10,000 – ₹75,000

= ₹35,000