Liabilities )
"Q.1. (A) Complete the following accounting equation table.
Transaction
Assets (3)
(1) Started business with cash 50,000
?
(2) Purchased good of 10,000
?
3)
Goods stolen 1,000
?
?
?
?
Sold goods for cash 5,000
Loan taken from Bank 7,000
?
?
?
?
Answers
Answer:
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Page No 5.17:
Question 1:
What will be effect of the following on the Accounting Equation?
(i) Started business with cash ₹ 45,000
(ii) Opened a Bank Account with a deposit of ₹ 4,500
(iii) Bought goods from M\s. Sun & Co. for ₹ 11,200
ANSWER:
S. No.
Transactions
Assets
=
Liabilities
+
Capital
Cash
(Rs)
+
Bank
(Rs)
+
Stock
(Rs)
=
Creditors
(Rs)
(Rs)
(i)
Started business with cash
45,000
=
45,000
45,000
=
45,000
(ii)
Opened a Bank Account with a deposit
– 4,500
+
4,500
=
40,500
+
4,500
=
45,000
(iii)
Bought goods from M/s. Sun & Co.
11,200
=
11,200
40,500
+
4,500
+
11,200
=
11,200
+
45,000
Total Assets
=
Cash + Bank + Stock
=
40,500 + 4,500 + 11,200
=
Rs
56,200
Liabilities
=
11,200
Capital
=
45,000
Page No 5.17:
Question 2:
Show the Accounting Equation for the following transactions:
₹
(i) Gopinath started business with cash 25,000
(ii) Purchased goods from Shyam 10,000
(iii) Sold goods to Sohan costing ₹ 1,800 1,500
(iv) Gopinath withdrew from business 5,000
ANSWER:
S. No
Transactions
Assets
=
Liabilities
+
Capital
Cash
(Rs)
+
Stock
(Rs)
+
Debtors
(Rs)
Creditors
(Rs)
(Rs)
(i)
Gopinath Started business with
25,000
=
25,000
25,000
=
25,000
(ii)
Purchased goods from Shyam
10,000
10,000
25,000
+
10,000
=
10,000
+
25,000
(iii)
Sold goods to Sohan
– 1,800
+
1,500
=
– 300
25,000
+
8,200
+
1,500
=
10,000
+
24,700
(iv)
Gopinath withdrew from business
–5,000
=
– 5,000
20,000
+
8,200
+
1,500
=
10,000
+
19,700
Assets
=
20,000 + 8,200 + 1,500
=
Rs
29,700
Liabilities
=
Rs
10,000
Capital
=
Rs
19,700
Page No 5.18:
Question 3:
Show the effect of the following transactions on the Accounting Equation:
(i) Started business with cash ₹ 50,000.
(ii) Salaries paid ₹ 2,000.
(iii) Wages Outstanding ₹ 200.
(iv) Interest due but not paid ₹ 100.
(v) Rent paid in advance ₹ 150.
ANSWER:
S. No.
Transactions
Assets
=
Liabilities
+
Capital
Cash
(Rs)
+
Advances Expenses
(Rs)
=
Outstanding Expenses
(Rs)
(Rs)
(i)
Started business with Cash
50,000
=
50,000
50,000
=
50,000
(ii)
Salaries paid
– 2,000
=
– 2,000
(expenses)
48,000
=
48,000
(iii)
Wages Outstanding
=
200
+
– 200
(expenses)
4,800
=
200
47,800
(iv)
Interest due but not paid
=
100
+
– 100
(expenses)
48,000
=
300
+
47,700
(v)
Rent paid in advance
– 150
+
150
=
47,850
+
150
=
300
+
47,700
Assets
=
47,850 + 150
=
Rs
48,000
Liabilities
=
Rs
300
Capital
=
Rs
47,700