Double Entry Book Keeping

Ts Grewal 2022

for Class 11 Commerce Accountancy

Chapter 5 - Accounting Equation

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Question 17:

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.

Answer:

Total Assets	=	Capital – Loss + Liabilities
	=	3,00,000 – 70,000 + 50,000
	=	` 2,80,000

Question 18:

If total assets of a business are ` 1,30,000 and net worth is ` 80,000, calculate the creditors.

Answer:

Creditors	=	Total Assets – Net worth
	=	1,30,000 – 80,000
	=	` 50,000

Question 19:

A commenced his cloth business on 1st April, 2021 with a capital of `30,000. On 31st March 2022, his assets were worth `50,000 and liabilities of `10,000. Find out his closing capital and profits earned during the year.

Answer:

Closing Capital	=	Assets – Liabilities
	=	50,000 – 10,000
	=	` 40,000

Profit	=	Closing Capital – Opening Capital
	=	40,000 – 30,000
	=	` 10,000

Question 20:

Calculate the total assets if:
(i) Capital is ` 40,000.
(ii) Creditors are ` 25,000.
(iii) Revenue during the period is ` 50,000.
(iv) Expenses during the period are ` 40,000.