Accountancy
Assignment
Qn 1. Write accounting equations for the following transaction:
(a) Commenced Business - ₹50,000
(b) Purchased machinery - ₹30,000
(c) Purchased goods on credit - ₹12000
(d) Sold goods costing ₹6000 for cash - ₹8000
Answers:
Two Aspects
a) Cash = ₹50,000
Capital = ₹50,000
b) Machinery = ₹30,000
Cash = ₹30,000
c) Credit = ₹12,000
Stocks = ₹12,000
d) Stocks = ₹6,000
Cash = ₹8,000
Profit = ₹2,000
Asset = Cash + Machinery + Stock
Liability = Credit
Statement Showing
Assets = Liability + Capital
Asset = Cash + Machinery + Stock
Assets = 28,000 + 30,000 + 6,000
= ₹64,000
Liability = Credit
Liability = ₹12,000
Capital = ₹52,000
Assets = Liability + Capital
Assets = 12,000 + 52000
= ₹64,000
Liability = Assets - Capital
Liability = 64,000 - 52,000
= ₹12,000
Capital = Assets - Liability
Capital = 64,000 - 12000
= ₹52,000
Qn2 : Mohit has the following transactions, prepare accounting equation:
(a) Business started with cash - ₹1,75,000
(b) Purchased goods from Rohit - ₹50,000
(c) Sold goods on credit to Manish ( Costing ₹17,500 ) - ₹20,000
(d) Purchased furniture for office use - ₹10,000
(e) Cash paid to Rohit in full settlement - ₹48,000
(f) Cash received from Manish - ₹20,000
(g) Rent paid - ₹1,000
(h) Cash withdrew for personal use - ₹3,000
Answers:
Two aspects
a) Cash = ₹ 1,75,000
Capital = ₹ 1,75,000
b) Stocks = ₹50,000
Rohit = ₹50,000
c) Stocks = ₹17500
Debtor = ₹20,000
Profit = ₹2,500
d) Furniture = ₹10,000
Cash = ₹ 10,000
e) Cash =₹ 48,500
Rohit = ₹50,000
Discount Received =₹ 1,500
f) Cash = ₹20,000
Debtor = ₹20,000
g) Rent =₹ 1,000
Cash =₹ 1,000
h) Drawings = ₹3,000
Cash = ₹3,000
Assets = Cash + Furniture + Stocks + Debtor
Liability = Rohit
Statement Showing
Assets = Liability + Capital
Assets = Liability + Capital
Assets = Cash + Furniture + Stocks + Debtor
=₹1,75,000
Liability = Rohit
=₹ 0
Assets = Liability + Capital
Assets = 0 +1,75,000
Liability = Assets - Capital
Liability = 1,75,000 -1,75,000
Liability = ₹0
Capital = Assets - Liability
Capital = 1,75,000 - 0
Capital = ₹1,75,000
Qn3: Rohit has the following transactions:
(a) Commenced business with cash - ₹1,50,000
(b) Purchased machinery on credit - ₹40,000
(c) Purchased goods for cash - ₹20,000
(d) Purchased car for personal use - ₹80,000
(e) Paid to creditors in full settlement - ₹38,000
(f) Sold goods for cash costing ₹5,000 - ₹4,500
(g) Paid rent - ₹1,000
(h) Commission received in advance - ₹2,000
Answers:
Two Aspects:
a) Cash = ₹1,50,000
Capital = ₹1,50,000
b) Machinery = ₹40,000
Credit = ₹40,000
c) Stocks =₹ 20,000
Cash = ₹20,000
d) Drawings =₹ 80,000
Cash =₹80,000
e) Creditors = ₹40,000
Cash = ₹38,000
Discount received = ₹2,000
f) Stocks = ₹5,000
Cash = ₹4,500
Loss =₹500
g) Rent = ₹1,000
Cash =₹1,000
h) Commission =₹ 2,000
Cash =₹2,000
Assets = Cash + Machinery + Stocks
Liability = Creditor
Statement Showing
Assets = Liability + Capital
Assets = Cash + Machinery + Stocks
Assets = 17,500+40,000+15,000
Assets = ₹72,500
Liability = Creditor
Liability =₹ 0
Assets = Liability + Capital
Assets = 0 +72,500
Assets = ₹72,500
Liability = Assets - Capital
Liability = 72,500 - 72,500
Liability = ₹0
Capital = Assets - Liability
Capital = 72,500 - 0
Capital = ₹72,500
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