Question

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11. What is Capital and Drawing?
12. Mr X the proprietor sold his house for Rs. 50 Lac. Will it be recorded in the books of
accounting?
13. What are internal liabilities?
14. What is voucher
15. Define Merchandise.
(1X15
16. Prepare Accounting Equation from the following:-
a. Started a business with cash Rs. 75,000; goods Rs. 25,000
b. Paid for Rent Rs. 2,000
c. Bought goods for cash Rs. 30,000 and credit for 44,000
d. Goods costing Rs. 50,000 sold at a profit of 25%, out of which Rs. 27,500 received in
Purchased a Motor-cycle for personal use Rs. 20,000.
17. Prepare accounting equation of Raja from the following transactions:-
a. Commenced business with cash Rs. 50,000
b. Bought goods for cash Rs. 15,000 and credit purchase from Amit Rs. 25,000
Sold goods bought from Amit at a profit of 20%.
d. Settled the account of Amit by paying Rs. 24,500.
e. Salary paid to Mohan Rs. 8,000 but salary still due Rs. 1,000.
(5X2=
C.​

Answer 1

Answer:

11) the amount invested in business is known as capital ,it may be in the form of goods,assets or money.