4. Accounting … (ii) Credit purchase of goods 18,000. Prepare an accounting equation on the basis of the following transactions: 1) Started business with Rs. (ii) Credit purchase of goods 18,000. Paid to Raghubir ₹ 30,000. For accounting business records such transactions are financial in nature and which affect its financial position. (ii) Decrease in an asset and a liability. T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 5 Accounting Equation. (vi) Goods Sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months. 200000 . Question 9: Prepare an Accounting Equation on the basis of the following transactions: (i) Started business with cash 70,000. The solution for this question is as follows: Q.2 Show the Accounting Equation for the following transactions: Q.3 Show the effect of the following transactions on the Accounting Equation: (vii) Received ₹ 10,000 from Gupta against the Bills Receivable on its maturity. Assets = Liabilities + Capital Because of the two-fold effect (vi) Bought motorcycle for personal use ₹ 3,000. (iv) Purchase of machinery for cash 20,000. Also mention the nature of account:−, On which side the decrease in the following accounts will be recorded? 5. Prepare an Accounting Equation on the basis of the following transactions: (i) Started business with Cash ₹ 70,000 (ii) Credit purchase of goods ₹ 18,000 (iii) Payment made to creditor ₹ 17,500 in full settlement (iv) Purchase of Machinery for Cash ₹ 20,000 (v) Depreciation on Machinery ₹ 2,000 Solution: (vi) Bought motorcycle for personal use ₹ 5,000. (ii) Credit purchase of goods 18,000. (v) Paid salary ₹ 450 and salary outstanding being ₹ 100. ASC's balance sheet as of midnight December 8, 2019 is: **The income statement (which reports the company's revenues, expenses, gains, and losses during a specified period of time) is a link between balance sheets. (ii) Purchased goods for cash ₹ 60,000 and on credit ₹ 30,000. 8 - Payment made to creditors to the value of 200,000 at 10 percent discount. (b) Credit purchase of goods ₹ 18,000. Accounting Equation Question Class 11 – Payment to Creditors Question 11: Mr. A started business as on April 1 , 2013 with a capital of Rs. Purchased goods on credit from Raghubir, 4. Opening Capital (Capital as on 1st April, 2013) = Rs 1,00,000. Sun & Co. for ₹ 11,200. (c) Bought goods for cash ₹ 30,000 and on credit ₹ 20,000. 1,00,000 borrowed from Citi Bank. 18,000 (iii) Payment made to creditors in full settlement Rs. (v) Depreciation on machinery 2,000. (b) Mahesh started a business with a capital of ₹ 15,000 on 1st April, 2018. (iii) Goods costing 40,000 were sold for 55,000. 18000 3) Payment made to creditors in full settlement Rs. From the following transactions prepare the Proprietor's Account in 'T' shape: Prepare the Accounting Equation on the basis of the following: Solution: The two basic purposes of the accounting equation are. To help you better understand how the accounting equation works and stays in balance, here are more sample transactions and their effects to the accounting equation. Also prepare a Balance Sheet. (d) Withdrew cash for personal use ₹ 10,000. (a) Started business with cash ₹ 70,000. 3. Q.16 Show an Accounting Equation for the following transactions: (i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000. (iv) Purchase of machinery for cash ₹ 20,000. Numerical questions : Solutions of Questions on Page Number : 80 Q1 : Prepare accounting equation on … TS Grewal Solutions for Class 11 Accountancy Chapter 2- Accounting Equation is a fundamental concept to be studied by the students. Open 'T' shape account of our Creditor 'X' and write the following transactions on the proper side: Open 'T' shape account of our Debtor 'Ram' and write the following transactions on proper side:−, Put the following on the proper side of Cash Account, Debtors's Account and Creditor's Account:-. 20,000. (iii) Purchased furniture on credit for ₹ 30,000. Started business with cash ₹ 75,000 and goods ₹ 25,000. 4,000 and wages chapter accounting books and records the purpose of preparation of trading, profit and loss account and balance sheet to ascertain the profit or loss made. Q.19 If the capital of a business is ₹ 3,00,000 and liabilities are ₹ 50,000, loss ₹ 70,000, calculate the total assets of the business. Prepare Accounting Equation from the following: (i) Started business with cash Rs 1,00,000 and Goods Rs 20,000. 6. Q.15 Prepare an Accounting Equation from the following: (i) Started business with cash 50,000 and goods 30,000. 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