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Answers
Explanation:
Double Entry Book Keeping Ts Grewal 2018 Solutions for Class 11 Commerce Accountancy Chapter 2 Accounting Equation are provided here with simple step-by-step explanations. These solutions for Accounting Equation are extremely popular among Class 11 Commerce students for Accountancy Accounting Equation Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal 2018 Book of Class 11 Commerce Accountancy Chapter 2 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal 2018 Solutions. All Double Entry Book Keeping Ts Grewal 2018 Solutions for class Class 11 Commerce Accountancy are prepared by experts and are 100% accurate.
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