Double
Entry Book Keeping
Ts
Grewal 2022
for
Class 11 Commerce Accountancy
Chapter
5 - Accounting Equation
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Commerce Accountancy Chapter 5 Accounting
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Question
21:
(a) A had a capital of ` 75,000 on 1st
April, 2021. He had also goods amounting to `15,000 which he
had purchased on credit and the payment had not been made. Find out the value
of the total assets of the business.
(b) After a period of one month, he came to know that he had suffered a loss
of `1,700. He withdrew `800 for his personal use. Find out
his capital and assets of the business.
Answer:
|
(a) |
Total
Assets |
= |
Capital
+ Creditors for purchase of Goods |
|
|
|
= |
75,000
+ 15,000 |
|
|
|
= |
` 90,000 |
|
(b) |
Capital
at the end |
= |
Capital
− Loss − Drawings |
|
|
|
= |
75,000
− 1,700 − 800 |
|
|
|
= |
` 72,500 |
|
|
Assets |
= |
Capital
at the end + Creditors for purchase of Goods |
|
|
|
= |
72,500
+ 15,000 |
|
|
|
= |
` 87,500 |
Question
22:
(a) Mohan started a business on 1st April, 2021 with a
capital of ` 10,000 and borrowed ` 3,000 from a friend. He earned a
profit of ` 5,000 during the
year ended 31st March, 2022 and withdrew cash ` 4,000 for personal use. What is his capital on 31st March, 2022?
(b) Mahesh started a business with a capital of ` 15,000 on 1st
April, 2021. During the year, he made a profit of ` 3,000. He
owes ` 2,500 to suppliers of goods. What is the total of assets in his
business on 31st March, 2022?
Answer:
|
(a) Capital on
March 31, 2022 |
=
|
Capital on April 01, 2021 + Profit − Drawings |
|
|
=
|
10,000 + 5,000 − 4,000
|
|
|
=
|
` 11,000
|
|
(b) Total Assets on March 31, 2022 |
=
|
Capital on April 01,
2021 + Profit + Creditors
|
|
|
=
|
15,000 + 3,000 + 2,500
|
|
|
=
|
` 20,500
|
Question
23:
On 31st March, 2022, the total assets and external liabilities were `2,00,000 and `6,000 respectively. During the year, the proprietor had introduced capital of `20,000 and withdrawn ` 12,000 for personal use. He made a profit of `20,000 during the year. Calculate the capital as on 1st April, 2021.
Answer:
|
Capital as on March 31, 2022 |
= Total Assets − External Liabilities |
|
|
= 2,00,000 − 6,000 |
|
|
= ` 1,94,000 |
|
Capital on April 01, 2021 |
= Capital on March 31, 2022 − Additional Capital + Drawings − Profit |
|
|
= 1,94,000 − 20,000 + 12,000 − 20,000 |
|
|
= `1,66,000 |
Question
24:
Mohan started a business on 1st April, 2021 with a capital of ` 25,000 and a loan of ` 12,500 borrowed from Shyam. During 2021-22 he had introduced additional capital of ` 12,500 and had withdrawn ` 7,500 for personal use. On 31st March, 2022 his assets were ` 75,000. Find out his capital as on 31st March, 2022 and profit made or loss incurred during the year 2021-22.
Answer:
|
Capital on March 31, 2022 |
= Assets − Loan from Shyam
|
|
|
= 75,000 − 12,500 |
|
|
= `62,500
|
|
Profit (or Loss) during the year 2021-22 |
= Capital on March 31, 2022+ Drawings −
(Additional Capital + Capital on April 01, 2021)
|
|
|
= 62,500 + 7,500 − (12,500 + 25,000)
|
|
|
= 70,000 − 37,500
|
|
|
= `32,500
|
Question
25:
Calculate the amount of External Equities as
on 31st March, 2022 in the following cases:
(i) On 31st March, 2022, total assets and capital were `15,00,000 and `10,50,000 respectively.
(ii) On 1st April, 2021, Mukesh started business with a capital of ` 3,00,000 and a loan of ` 3,00,000 borrowed from a friend. During the year, he earned a profit of `1,50,000. On 31st March, 2022, the total assets were `15,00,000.
(iii) On 1st April, 2021, Ramesh started business with a capital of ` 3,00,000 and a loan of ` 3,00,000 borrowed from a fixed. During the year, he earned a profit of ` 1,50,000, introduced an additional capital of ` 1,80,000 and had withdrawn ` 90,000 for his personal use. On 31st March, 2022 total assets were `15,00,000.
Answer:
(i)
|
Total assets = `15,00,000 |
|
Capital = `10,50,000 |
|
External Equities (External Liabilities) = Assets – Capital |
|
External Equities (External Liabilities) = 15,00,000 – 10,50,000 |
|
External
Equities (External Liabilities) = 4,50,000 |
(ii)
On 1st April, 2021
Total assets = `15,00,000
Capital
= ` 10,50,000
(iii)
|
Opening Capital=3,00,000 |
|
Opening External liabilities =3,00,000 |
|
Total Closing assets=15,00,000 |
|
Closing Capital = Opening Capital + (Profit) + (Additional Capital) - (Drawings) Closing Capital = 3,00,000 + 1,50,000 +1,80,000 - 90,000 Closing Capital = 5,40,000 |
|
Closing External liabilities (External equity) = Total Closing assets - Closing Capital |
|
Closing External liabilities (External equity) = 15,00,000 – 5,40,000 |
|
Closing External liabilities (External equity) = 9,60,000 |
|
|
Question 26:
Pranav started business on 1st April, 2021 with capital of 5,50,000. On 31st March, 2022
his total assets were 10,75,000 and liabilities were 2,92,500.
Calculate the amount by which his capital has increased as on 31st March, 2022.
Answer:
Opening capital ` 5,50,000
Closing total Assets `
10,75,000
Closing Liabilities ` 2,92,500.
Closing Capital = Closing total Assets - Closing
Liabilities
Closing Capital =10,75,000 -2,92,500
Closing Capital = 7,82,500
Capital Increased by = 7,82,500 -5,50,000
Capital
Increased by = 2,32,500
Class : 11th Ts grewal solution 2022-2023
Chapter 5: Accounting equation
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