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Assignment 2

The document outlines various accounting transactions for multiple businesses, detailing capital contributions, purchases, sales, and expenses. It emphasizes the use of the accounting equation to analyze the effects of these transactions on assets, liabilities, and capital, culminating in balance sheets for each scenario. Each section concludes with a calculated total, reflecting the net effect of the transactions.

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30 views2 pages

Assignment 2

The document outlines various accounting transactions for multiple businesses, detailing capital contributions, purchases, sales, and expenses. It emphasizes the use of the accounting equation to analyze the effects of these transactions on assets, liabilities, and capital, culminating in balance sheets for each scenario. Each section concludes with a calculated total, reflecting the net effect of the transactions.

Uploaded by

mcsworkshop777
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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XI ACCOUNTANCY | 2023-24

A. Sunil started business with a capital of 1,00,000. Following transactions took place during the year:
1. Deposited 60,000 in bank.
2. Purchased goods from Shyam * 30,000.
3. Sold goods costing 20,000 for 25,000 to Pardeep out of which 7,000 received in cash.
4. Paid salary 6,000 but salary still unpaid 1,000.
5. Received commission 3,000 including 500 as advance.
6. Sold goods costing 5,000 at a loss of 500 in cash.
7. Received 17,400 from Pardeep in full settlement of his account by cheque.
8. Returned goods to Shyam 2,000.
9. Issued a cheque of 27,200 to Shyam in full settlement of his account.
Use accounting equation to give effect to above transaction.
Ans: ₹ 1,01,700

B. Show the Accounting Equation from the following transactions and prepare a Balance Sheet on the basis of last
equation:
1. Vikram started a business with cash 50,000 and goods 25,000
2. Purchased furniture-. 5,000
3. Paid salaries 2,000
4. Outstanding wages 2,000
6. Prepaid insurance 1,000
7. Commission due but not paid 1,500
8. Goods sold for cash (Cost price 5,000) 6,000
9. Depreciation on furniture 500
10. Rent received 500
11. Interest on drawings 900
Ans: ₹ 74,000

C. Prepare an Accounting Equation on the basis of the following transactions:


(i) Started business with cash 70,000.
(ii) Credit purchase of goods 18,000.
(iii) Payment made to creditors in full settlement ₹ 17,500.
(iv) Purchase of machinery for cash 20,000.
(v) Depreciation on machinery 2,000.
Ans: ₹ 68,500

D. Use Accounting Equation to show the effect of following transactions on assets, liabilities and capital and also
show the Balance Sheet.
Transactions
1. Ram started business with cash of 1,80,000, Goods 50,000, Debtors 10,000, Furniture 10,000 and Creditors
20,000.
2. Goods costing 6,000 sold to Amit at loss of 10%, out of which 2,000 received in cash.
3. Cash deposited into bank 20,000.
4. Rent outstanding 5,000.
5. Received cheque from Amit 3,200 in full settlement of 3,400. Cheque deposited on the same date.
6. Insurance paid in advance 1,000.
7. Paid to creditors 18,000 in full settlement of 20,000.
8. Depreciate Furniture @10%.
9. Unearned Interest 2,000.
Ans: ₹ 2,32,200
XI ACCOUNTANCY | 2023-24
E. Show the accounting equation on the basis of the following transactions and also show the Balance Sheet:
(i) Manohar started business with cash 80,000 and goods 50,000.
(ii) Purchased goods for cash 50,000 and on credit 30,000.
(iii) Goods costing 57,000 sold at a profit of 33% %. Three-fourth payment received in cash.
(iv) Goods costing 40,000 sold at a loss of 10%, out of which 20,000 received in cash.
(v) Paid rent 14,000 and salary 26,000.
(vi) Received cash from debtors ₹ 25,000.
(vii) Paid telephone bill amounting to ₹ 2,000.
Ans: ₹ 1,33,000

F. Present the following transactions in the form of Accounting Equation.


1. Manoj started business with cash ₹ 90,000.
2. Purchased goods for 30,000 in cash and 5,000 on credit.
3. Loss of cash by theft ₹ 1,000.
4. Sold goods for 7,000 in cash and 10,000 on credit.
5. Wages paid to employees 1,000.
6. Interest due but not received ₹ 1,000.
7. Purchased cycle for his son 2,000.
8. Goods withdrawn for personal use ₹ 1,000.
9. Goods costing 4,000 sale price 5,000 given as charity.
10. Goods lost by fire costing 1,000, sale price ₹ 1,800.
11. Unearned rent ₹ 2,000.
Ans: ₹ 88,000

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