Question

Q6. Mr. X commenced his business on 1st April, 2018 introducing capital of Rs.50.000.
During the year, following transactions had taken place-
a) Bought furniture for cash Rs.16,000
b) Purchased goods for Rs.20,000
c) Sold goods(costing Rs.8,500) to Ram for cash Rs.16,000
d) Purchased goods from Mohan Rs.11,000
e) Introduced additional capital Rs.13,000
f) Commission received in advance Rs.1,500
g) Paid to Creditors Rs.9,500 in full settlement.
h) Bought Fax machine for his personal use Rs.8,000
i) Rent paid for the year Rs.8,000
j) Payment for stationery Rs.200
k) Sold goods(costing Rs.10,000) for Rs. 12,000. Out of which Rs.1,000 received in cash.
Show the above transactions in accounting equations.
l) Expenses outstanding worth Rs.1,000
m) Received securities deposit from tenants Rs.3,500​

Answer 1

Answer:

So he has ₹50,000

a) Bought Furniture = 50,000 - 16,000 = 34,000 (left)

b) Bought Goods = 34,000 - 20,000 = 14,000 (left)

c) Sold Goods to Ram = 14,000 + 16,000 = 30,000 (left)

d) Purchased Goods from Mohan = 30,000 - 11,000 = 19,000 (left)

e) Add more capital = 19,000 + 13,000 = 32,000 (left)

f) Commission Received = 32,000 + 1,500 = 33,500 (left)

g) Paid Creditors = 33,500 - 9,500 = 24,000 (left)

h) Bought Fax Machine = 24,000 - 8,000 = 16,000 (left)

i) Rent Paid = 16,000 - 8,000 = 8,000 (left)

j) Payment from Stationary = 8,000 - 200 = 7,800 (left)

k) Sold Goods = 7,800 + 12,000 = 19,800 (left)

l) Expenses Outstanding = 19,800 + 1,000 = 20,800 (left)

m) Received Deposits = 20,800 + 3,500 = 24,300 (left)

₹24,300 is left with you at last.

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