Illustration 6. Create an Accounting Equation on the basis of the following
transactions and show the resulting Balance Sheet:
5,00,000
10
1,00,000
20.000
1. Manu started business with cash.
2. Purchased a building from Sohan. Paid by raising a loan from SBI.
(3) Paid interest on loan 20,000 and instalment of 2,00,000.
4. Purchased goods from Sohan on credit.
5. Goods returned to Sohan costing.
6. Sold goods costing 40,000 for 50,000 on credit to Ram.
7. Took goods of 10,000 from business for personal use.
8. Accrued interest.
9. Commission received in advance.
10. Cash received from Ram.
5,000
20,000
10,000
Q1. Show the effect of following transactions on the Accounting equation:
(i) Tanya started business with cash `10,00,000.
(ii) Purchased goods for cash ` 40,000 & ` 60,000 on credit.
(iii) Withdrew for Private use ` 10,000.
(iv) Purchased machinery for cash ` 20,000.
(v) Paid salaries ` 5,000.
(vi) Received Interest ` 10,000.
(vii) Paid to creditors ` 20,000.
(viii) Sold goods for cash ` 25,000 (costing ` 15,000).
(ix) Sold goods on credit ` 15,000 (costing ` 10,000.
(x) Purchased furniture from Janak Furnitures ` 10.000.
(xi) Purchased goods on credit from Hari & Sons Ltd. `15,000.
(xii)Additional Capital introduced ` 2,00,000.
(xiii) Deposited ` 40,000 into bank.
(xiv) Commission received ins advance ` 5,000.
(xv)Sold goods (costing ` 10,000) for ` 15,000 out of which ` 5,000 received in cash.
(xvi) Depreciation on machinery @ 10%.
(xvii) Purchased a building from Sanya. Paid by raising loan from PNB ` 5,00,000.
(xviii) Paid interest on loan ` 10,000 & instalment of ` 1,00,000.
(xix) Took goods costing ` 10,000, selling price ` 12,000 for personal use.
(xx) Accrued Interest ` 10,000.
Show the accounting equation on the basis of the following transaction:
|
|
|
| |
| (a) | Udit started business with: | Rs | |
|
| (i) | Cash | 5,00,000 |
|
| (ii) | Goods | 1,00,000 |
| (b) | Purchased building for cash | 2,00,000 | |
| (c) | Purchased goods from Himani | 50,000 | |
| (d) | Sold goods to Ashu (Cost Rs 25,000) | 36,000 | |
| (e) | Paid insurance premium | 3,000 | |
| (f) | Rent outstanding | 5,000 | |
| (g) | Depreciation on building | 8,000 | |
| (h) | Cash withdrawn for personal use | 20,000 | |
| (i) | Rent received in advance | 5,000 | |
| (j) | Cash paid to Himani on account | 20,000 | |
| (k) | Cash received from Ashu | 30,000 | |
Show the accounting equation on the basis of the following transaction:
|
|
|
|
|
|
(a) |
Udit started business with: |
Rs |
|
|
|
(i) |
Cash |
5,00,000 |
|
|
(ii) |
Goods |
1,00,000 |
|
(b) |
Purchased building for cash |
2,00,000 |
|
|
(c) |
Purchased goods from Himani |
50,000 |
|
|
(d) |
Sold goods to Ashu (Cost Rs 25,000) |
36,000 |
|
|
(e) |
Paid insurance premium |
3,000 |
|
|
(f) |
Rent outstanding |
5,000 |
|
|
(g) |
Depreciation on building |
8,000 |
|
|
(h) |
Cash withdrawn for personal use |
20,000 |
|
|
(i) |
Rent received in advance |
5,000 |
|
|
(j) |
Cash paid to Himani on account |
20,000 |
|
|
(k) |
Cash received from Ashu |
30,000 |
|
1. Ganesh started business with Cash ₹ 2,00,000.
2. Purchased goods for Cash ₹ 60,000.
3. Sold goods for cash ₹ 75,000.
4. Purchased goods from Nakul on Credit for ₹ 80,000.
5. Sold goods to Bhushan on Credit for ₹ 50,000.
6. Paid Cash to Nakul ₹ 20,000.
7. Received Cash from Bhushan ₹ 10,000.
8. Paid salary ₹ 20,000.
1. Ganesh started business with Cash .
2. Purchased goods for Cash Rs. 60,000.
3. Sold goods for cash Rs. 75,000.
4. Purchased goods from Nakul on Credit for Rs. 80,000.
5. Sold goods to Bhushan on Credit for Rs 50,000.
6. Paid Cash to Nakul Rs. 20,000.
7. Received Cash from Bhushan Rs. 10,000.
8. Paid salary Rs. 20,000