Page No 5.22:
Question 26:
On 31st March, 2019, 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 During the year, the proprietor had introduced capital of ` 20,000 and withdrawn ` 12,000 for personal use.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, 2018.
Answer:
Capital as on March 31, 2019 = Total Assets − External Liabilities
= 2,00,000 − 6,000 = ` 1,94,000
Capital on April 01, 2018 = Capital on March 31,2019 − Additional Capital + Drawings − Profit
= 1,94,000 − 20,000 + 12,000 − 20,000 = ` 1,66,000
Page No 5.22:
Question 27:
Show an Accounting Equation on the basis of the following transactions:
|
|
|
` |
|
(i) |
Sunil started business with cash |
1,50,000 |
|
(ii) |
Opened a Bank Account by depositing ` 25,000 out of cash |
|
|
(iii) |
He
sold his personal car for ` 50,000 and deposited the amount in the firm's Bank
Account |
|
|
(iv) |
He
purchased a building and furniture for |
1,00,000 |
|
(v) |
He
purchased goods from Ram on credit |
50,000 |
|
(vi) |
He
paid cartage |
500 |
|
(vii) |
He
sold to Shyam on credit goods costing ` 6,000 for |
9,000 |
|
(viii) |
Received rent from tenants |
1,000 |
|
(ix) |
Received security deposit from tenants |
1,500 |
|
(x) |
Purchased stationery for cash |
100 |
|
(xi) |
Invested in shares (personal) |
50,000 |
|
(xii) |
Received interest in cash |
200 |
|
(xiii) |
Introduced fresh capital |
25,000 |
|
(xiv) |
Goods destroyed by fire |
500 |
Answer:
|
|
Transactions |
Assets |
|
Liabilities |
+ |
Capital |
||||||||||
|
Cash ( `) |
+ |
Bank |
+ |
Building and Furniture ( `) |
+ |
Stock ( `) |
+ |
Debtors ( `)
|
= |
Creditors ( `) |
+ |
Security Deposits ( `) |
|
( `) |
||
|
(i) |
Sunil started business with Cash ` 1,50,000. |
1,50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
1,50,000 |
|
|
|
|
1,50,000 |
|
|
|
|
|
|
|
|
= |
|
|
|
|
1,50,000 |
|
(ii) |
Opened
Bank Account by depositing ` 25,000 from cash |
– 25,000 |
|
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,25,000 |
+ |
25,000 |
|
|
|
|
|
|
|
|
|
|
|
1,50,000 |
|
(iii) |
Sold
personal car for ` 50,000 and deposited money
in Bank A/c |
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
50,000 |
|
|
|
|
1,25,000 |
+ |
75,000 |
|
|
|
|
|
|
|
|
|
|
|
2,00,000 |
|
(ii) |
Building and Furniture purchased for ` 1,00,000 |
– 1,00,000 |
|
|
|
1,00,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000 |
+ |
75,000 |
+ |
1,00,000 |
|
|
|
|
|
|
|
|
|
2,00,000 |
|
(iii) |
Purchased goods from Ram on credit |
|
|
|
|
|
|
50,000 |
|
= |
50,000 |
|
|
|
|
|
|
|
|
25,000 |
+ |
75,000 |
+ |
1,00,000 |
+ |
50,000 |
|
|
= |
50,000 |
|
|
+ |
2,00,000 |
|
(iv) |
Paid Cartage ` 500 |
– 500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
– 500 (Expenses) |
|
|
|
24,500 |
+ |
75,000 |
+ |
1,00,000 |
+ |
50,000 |
|
|
= |
50,000 |
|
|
+ |
1,99,500 |
|
(v) |
Sold to Shyam on credit goods costing ` 6,000 for ` 9,000 |
|
|
|
|
|
|
–6,000 |
|
9,000 |
|
|
|
|
|
3,000 (Profits) |
|
|
|
24,500 |
+ |
75,000 |
+ |
1,00,000 |
+ |
44,000 |
+ |
9,000 |
= |
50,000 |
|
|
+ |
2,02,500 |
|
(vi) |
Received rent from tenants of ` 1,000 |
1,000 |
|
|
|
|
|
|
|
|
|
|
|
|
1,000 (Incomes) |
|
|
|
|
25,500 |
+ |
75,000 |
+ |
1,00,000 |
+ |
44,000 |
+ |
9,000 |
= |
50,000 |
|
|
+ |
2,03,500 |
|
(vii) |
Received Security Deposits from tenants of ` 1,500 |
1,500 |
|
|
|
|
|
|
|
|
|
|
1,500 |
|
|
|
|
|
|
27,000 |
+ |
75,000 |
+ |
1,00,000 |
+ |
44,000 |
+ |
9,000 |
= |
50,000 |
+ |
1,500 |
+ |
2,03,500 |
|
(viii) |
Purchased Stationery for Cash of ` 100 |
– 100 |
|
|
|
|
|
|
|
|
|
|
|
|
–100 (Expense) |
|
|
|
|
26,900 |
+ |
75,000 |
+ |
1,00,000 |
+ |
44,000 |
+ |
9,000 |
= |
50,000 |
+ |
1,500 |
+ |
2,03,400 |
|
(ix) |
Invested in Shares (personal) ` 50,000 |
|
|
- 50,000 |
|
|
|
|
|
|
|
|
|
|
– 50,000 (Drawings) |
|
|
|
|
26,900 |
+ |
25,000 |
+ |
1,00,000 |
+ |
44,000 |
+ |
9,000 |
= |
50,000 |
+ |
1,500 |
+ |
1,53,400 |
|
(x) |
Received Interest of ` 200 in Cash |
200 |
|
|
|
|
|
|
|
|
|
|
|
|
200 (Income) |
|
|
|
|
27,100 |
+ |
25,000 |
+ |
1,00,000 |
+ |
44,000 |
+ |
9,000 |
= |
50,000 |
+ |
1,500 |
+ |
1,53,600 |
|
(xi) |
Introduced fresh Capital of ` 25,000 |
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
25,000 |
|
|
|
|
52,100 |
+ |
25,000 |
+ |
1,00,000 |
+ |
44,000 |
+ |
9,000 |
= |
50,000 |
+ |
1,500 |
+ |
1,78,600 |
|
(xii) |
Goods of ` 500 were destroyed by fire |
|
|
|
|
|
|
– 500 |
|
|
|
|
|
|
– 500 (Loss) |
|
|
|
|
52,100 |
+ |
25,000 |
+ |
1,00,000 |
+ |
43,500 |
+ |
9,000 |
= |
50,000 |
+ |
1,500 |
+ |
1,78,100 |
|
Assets |
= |
52,100 + 25,000 + 1,00,000 + 43,500 + 9,000 = 2,29,600 |
|
Liabilities |
= |
50,000 + 1,500 = 51,500 |
|
Capital |
= |
1,78,100 |