Show the Accounting equation on the basis of the following transactions:
1. Manish started an electronic goods store by opening a bank A/c in the name of the business with ₹50000 and brought cash ₹50000, goods ₹ 50000 and furniture worth ₹ 50000.
2. Sold goods to Puneet on credit costing ₹38000 for ₹ 50000.
3. Paid rent in advance ₹ 4000
4. Salary outstanding ₹ 15000
5. Charged depreciation of 10% on furniture
6. Goods destroyed by fire ₹ 2000
7. Purchased a second-hand Nano car for personal use by giving a cheque of ₹20000 from firm’s account and ₹10000 in cash from the firm.
8. Accrued interest ₹4000
9. Commission received in advance ₹20000
10. Interest due but not paid ₹3000
11. Prepaid insurance ₹4000
12. Purchased goods of ₹30000 from Reena
13. Reena wrote a bill of exchange to be settled after three months, which was duly accepted by Manish for the above purchase.
14. Interest on capital ₹2000
15. Interest on Drawings ₹600.
Answers
Answer:
T.s. Grewal (2018) Solutions for Class 11 Commerce Accountancy Chapter 12 Accounting For Bills Of Exchange are provided here with simple step-by-step explanations. These solutions for Accounting For Bills Of Exchange are extremely popular among Class 11 Commerce students for Accountancy Accounting For Bills Of Exchange Solutions come handy for quickly completing your homework and preparing for exams.
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