Page No 5.21:
Question 16:
Prepare Accounting Equation from
the following:
(a) Started business with cash `
1,00,000.
(b) Purchased goods for cash ` 20,000 and on credit ` 30,000.
(c) Sold goods for cash costing ` 10,000 and on credit costing ` 15,000 both at a profit of 20% .
(d) Paid salaries
` 8,000.
Answer:
|
S. No. |
Transactions |
Assets |
= |
Liabilities |
+ |
Capital |
||||
|
Cash ( `) |
+ |
Stock ( `) |
+ |
Debtors ( `) |
|
Creditors ( `) |
|
( `) |
||
|
(i) |
Started business with cash |
1,00,000 |
|
|
|
|
|
|
|
1,00,000 |
|
|
|
1,00,000 |
|
|
|
|
= |
|
|
1,00,000 |
|
(ii) |
Purchased goods for Cash ` 20,000 and on credit ` 30,000 |
– 20,000 |
+ |
50,000 |
|
|
= |
30,000 |
|
|
|
|
|
80,000 |
+ |
50,000 |
|
|
= |
30,000 |
+ |
1,00,000 |
|
(iii) |
Sold goods for cash costing ` 10,000 and on credit costing ` 15,000 both at profit of 20% |
12,000 |
+ |
– 25,000 |
+ |
18,000 |
|
|
|
5,000 (Profit) |
|
|
|
92,000 |
+ |
25,000 |
+ |
18,000 |
= |
30,000 |
+ |
1,05,000 |
|
(iv) |
Paid Salaries ` 8,000 |
– 8,000 |
|
|
|
|
|
|
|
– 8,000 (Expenses) |
|
|
|
84,000 |
+ |
25,000 |
+ |
18,000 |
= |
30,000 |
+ |
97,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
= |
|
84,000 + 25,000 + 18,000 |
|
|
= |
` |
1,27,000 |
|
Liabilities |
= |
` |
30,000 |
|
Capital |
= |
` |
97,000 |
Page No 5.21:
Question 17:
Show the accounting equation on the
basis of following transactions:
(a) Ram started business with `
25,000.
(b) Purchased goods from Shyam ` 10,000.
(c) Sold goods to Sohan costing ` 1,500 for ` 1,800.
Answer:
|
S.
No. |
Transaction |
Assets |
= |
Liabilities |
+ |
Capital |
||||
|
Cash |
+ |
Stock |
+ |
Debtors |
= |
Creditors |
|
|
||
|
(i) |
Ram Started Business with Cash |
25,000 |
|
|
|
|
|
|
+ |
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii) |
Purchased Goods from Shyam |
|
+ |
10,000 |
|
|
|
10,000 |
|
|
|
|
New A/c Equation |
25,000 |
+ |
10,000 |
|
|
= |
10,000 |
+ |
25,000 |
|
(iii) |
Sold Goods to Sohan
costing `1,500 for `1,800 |
|
|
(-)1,500 |
+ |
1,800 |
|
|
+ |
300 (Profit) |
|
|
|
25,000 |
+ |
8,500 |
+ |
1,800 |
= |
10,000 |
+ |
25,300 |
Page No 5.21:
Question 18:
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 |
Page No 5.21:
Question 19:
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 |
Page No 5.21:
Question 20:
A commenced his cloth business
on 1st April, 2018 with a capital of ` 30,000. On 31st March 2019,
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 |