sold goods on credit at par
15000 accounting equation
Answers
Answer:
sold goods on credit at par
15000 accounting equation
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Page No 6.24:
Question 1:
Prepare Accounting Equation from the following:-
(₹)
1.
Sandeep started business with Cash
1,00,000
2.Purchased furniture for cash5,0003.Purchased goods for cash20,0004.Purchased goods on credit36,0005.Paid for rent7006.
Goods costing ₹ 40,000 sold at a profit of 20% for cash
ANSWER:
ACCOUNTING EQUATIONS. No.TransactionAssets=Liabilities+CapitalCash+Furniture+Stock=Creditors (i)Sandeep started business with cash1,00,000 +1,00,000 1,00,000 = +1,00,000(ii)Purchased furniture for cash–5,000 +5,000 95,000+5,000 = +1,00,000(iii)Purchased goods for cash–20,000 +20,000 75,000+5,000+20,000= +1,00,000(iv)Purchased goods on credit +36,000 +36,000 75,000+5,000+56,000=36,000+1,00,000(v)Rent paid-700 –700 74,300+5,000+56,000=36,000+99,300(vi)Goods costing Rs 40,000 sold at a profit of 20% for cash+48,000 -40,000 +8,000 1,22,300+5,000+16,000=36,000+1,07,300
Working Note:
WN1 Calculation of Sale Price

Page No 6.24:
Question 2(A):
Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances:
(₹)
(i)
Manu started business with cash
50,000
(ii)Bought furniture for500(iii)Purchased goods on credit4,000(iv)Sold goods on cash (cost ₹ 500) for700(v)Received rent200(vi)Purchased goods for cash1,000(vii)Withdrew for personal use700(viii)Paid to creditors400(ix)
Paid for salaries
200
ANSWER:
ACCOUNTING EQUATIONS. No.TransactionAssets=Liabilities+CapitalCash+Furniture+Stock=Creditors (i)Manu started business with cash+50,000 +50,000 50,000 = +50,000(ii)Purchased Furniture–500 +500 49,500+500 +50,000(iii)Purchased goods on credit +4,000 +4,000 49,500+500+4,000=4,000+50,000(iv)Sold goods costing Rs 500 for Rs 700+700 –500 +200 (Profit) 50,200+500+3,500=4,000+50,200(v)Rent received+200 +200 (Income) 50,400+500+3,500=4,000+50,400(vi)Purchased goods for cash–1,000 +1,000 49,400+500+4,500=4,000+50,400(vii)Withdrew for personal use–700 –700 (Drawings) 48,700+500+4,500=4,000+49,700(viii)Paid to creditors–400 –400 48,300+500+4,500=3,600+49,700(ix)Salaries paid–200 -200 48,100+500+4,500=3,600+49,500
Balance Sheet
as on ……LiabilitiesAmount (Rs)AssetsAmount (Rs)Creditors3,600Cash48,100Capital49,500Furniture500 Stock4,500 53,100 53,100
Page No 6.24:
Question 2(B):
Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Also prepare a Balance Sheet:−
1. Started business with Cash ₹ 1,20,000.
2. Purchased a typewriter for Cash for ₹ 8,000 for office use.
3. Purchased goods for ₹ 50,000 for cash.
4. Purchased goods for ₹ 40,000 on credit.
5. Goods costing ₹ 60,000 sold for ₹ 80,000 on credit.
6. Paid for Rent ₹ 1,500 and for salaries ₹ 2,000.
7. Received ₹ 800 for Commission.
8. Withdrew for private use ₹ 5,000 in cash.
ANSWER:
ACCOUNTING EQUATIONS. No.TransactionAssets=Liabilities+CapitalCash+Typewriter+Stock+Debtors=Creditors (i)Started business with cash+1,20,000 +1,20,000 1,20,000 = 1,20,000(ii)Purchased typewriter for office use–8,000+8,000