Type – 1
Q.1
If the Capital of a business is Rs 1,00,000 and
outside liabilities are Rs 60,000. Calculate the assets of the business.
Q.2
If total assets of a business are Rs 2,00,000 and
net worth (Capital) is Rs 1,50,000, Calculate Creditors.
Q.3
If total assets of a business are Rs. 1,30,000 and
capital is Rs. 80,000, calculate creditors
Type –II
Q.1
A commenced business on 1st Jan. 1998 with a
capital of Rs 1,00,000. On 31st Dec. 1998, his assets were worth Rs 1,60,000
and liabilities Rs 15,000. Find out his closing capital and profits earned
during the year.
Q.2
(a) Surender Mohan started business on 1st Jan.
1998 with Capital of Rs 1,50,000 and loan of Rs 40,000 taken from Punjab
National Bank. On 31st Dec. 1998 his assets were Rs 3,00,000. Find out his
Capital on 31st Dec. 1998 and profits made or losses incurred during the year
1998.
(b) If in the above Question, the proprietor has
introduced additional capital of Rs 25,000 and had withdrawn Rs 8,000 for
personal purposes, find out the profit.
Q.3
'A' commenced his cloth business on 1st Jan. 1998
with a capital of Rs. 30,000. On 31st Dec, 1998 his assets were worth Rs.
50,000 and liabilities Rs. 10,000. Find out his closing capital and profits
earned during the year.
Q.4
X started a business on 1st January, 1998 with a
Capital of Rs. 1,00,000 and a loan of Rs. 50,000 from the bank. On 31st Dec,
1998, his assets were Rs. 1, 75,000. Find out his Capital as on 31st Dec, 1998
and profit earned during the year 1998.
Q.5
Y started a business on 1st January, 1998 with a
Capital of Rs. 2, 00,000 and a loan of Rs. 75,000 from the bank. During the
year, he had introduced additional capital of Rs. 60,000 and had withdrawn Rs.
36,000 for personal purposes. On 31st Dec, 1998 his assets were Rs. 3,80,000. Find
out his Capital as on 31st Dec, 1998 and profit
earned during the year 1998.
Type-III
Q.1
(a) Surender Mohan started business on 1st Jan.
1998 with Capital of Rs 1,50,000 and loan of Rs 40,000 taken from Punjab
National Bank. On 31st Dec. 1998 his assets were Rs 3,00,000. Find out his
Capital on 31st Dec. 1998 and profits made or losses incurred during the year
1998.
(b) If in the above Question, the proprietor has
introduced additional capital of Rs 25,000 and had withdrawn Rs 8,000 for
personal purposes, find out the profit.
Q.2
(a) Yogesh commenced business on 1st Jan. 1998 with
a Capital of Rs. 5,00,000 and a loan of Rs. 1,00,000 borrowed from Citi Bank.
On 31st Dec 1998, his assets were Rs. 8,00,000. Calculate his closing capital
and profits earned during the year.
(b) If in the above case, the proprietor had
introduced fresh capital of Rs. 40,000 and had withdrawn Rs. 10,000 for
personal purposes, calculate his profits.
Type-IV
Q.1
Show the effect of the following transactions on
Assets, Liabilities and Capital through accounting equation:
|
|
Rs.
|
|
1. Started business with cash Rs. 100000 &
Goods Rs. 500000
|
|
|
2. Sold goods for Cash (costing Rs 10,000)
|
14,000
|
|
3. Sold goods to Parul Traders (Costing Rs 7,000
vide bill no. 5,674)
|
15,000
|
|
4. He sold goods to Varun (Costing Rs 52,000)
|
60,000
|
|
5. Sold goods for cash
|
25,000
|
|
6. Sold goods to x on Credit
|
40,000
|
|
7. Sold goods on cash (cost Rs. 500) for
|
700
|
|
8. Goods costing Rs. 60,000 sold for Rs. 80,000
on credit
|
|
|
9. Sold gods on credit to Manish (costing Rs. 17.500)
|
20,000
|
|
10. Sold
goods for cash Rs. 6,000.
|
|
|
11. Sold goods to Ram on credit Rs. 20,000.
|
|
|
12. Sold goods on Credit at par
|
15,000
|
|
13. Sold good for Cash (cost price was Rs. 3,000)
|
4,000
|
|
14. Sold goods for Cash (Cost Rs. 50.000)
|
60,000
|
|
15. Sold goods for Cash Rs. 40,000( Costing Rs.
30,000)
|
|
|
16. Sold goods to Ram on Credit Rs.
65,000(Costing Rs. 50,000)
|
|
|
17. Sold goods to Ram on credit
|
20,000
|
|
18. Sold goods to Shanker on Credit
|
50,000
|
|
19. Sold goods to Ghanshyam for Cash
|
30,000
|
|
20. Sold goods to Shanker for Cash
|
5,000
|
Q.2
Show the effect of following transactions on the
accounting equation:
|
|
Rs.
|
|
1. Commenced business with cash
|
100000
|
|
2. Received Commisson
|
500
|
|
3. Paid Rent
|
2,000
|
|
4. Rent received
|
5,000
|
|
5. Paid cartage
|
100
|
|
6. Rent received
|
4,000
|
|
7. Salary paid by him
|
20,000
|
|
8. Rent Outstanding
|
3,000
|
|
9. Prepaid Insurance
|
2,000
|
|
10. Commission received by him
|
13,000
|
|
11. Paid for rent Rs. 1,500 and for salaries Rs.
2,000
|
|
|
12. Received Rs. 800 for Commission.
|
|
|
13. He paid commission
|
2,000
|
|
14. Rent received
|
5,000
|
|
15. Salary outstanding
|
2,000
|
|
16. Prepaid insurance
|
1,000
|
Q.3
Develop accounting equation from the following
transactions:
Rs.
|
(a) Mohan commenced business with cash
|
50000
|
|
(b) Purchased goods for cash
|
30000
|
|
(c) Purchased goods on credit
|
20000
|
|
(d) Sold goods (cost Rs 10000) for
|
12000
|
|
(e) Bought furniture on credit
|
2000
|
|
(f) Paid cash to a creditor
|
15000
|
Q.4
Prove that the accounting equation is satisfied in
all the following transactions of Suresh:
(a)
Commenced business with cash Rs 36000.
(b)
Paid rent in advance Rs 300.
(c)
Purchased goods for cash Rs 18000 and credit Rs.
12000.
(d)
Sold goods for cash Rs. 18000 costing Rs. 12000.
(e)
Paid salary Rs 300
Q.5
Show the accounting equation on the basis of the
following transactions and present a balance sheet of the last new equation
balance:
Rs
|
(a) Mohan commenced business with
|
42000
|
|
(b) Purchased goods on credit
|
8400
|
|
(c) Withdrew for private use
|
1020
|
|
(d) Purchased goods for cash
|
6000
|
|
(e) Paid wages
|
180
|
|
(f) Paid to creditors
|
6000
|
|
(g) Sold goods on credit at par
|
3000
|
|
(h) Sold goods for cash (cost price was Rs 1800)
|
2400
|
|
(i) Purchased furniture for
|
300
|
Q6.
Develop accounting equation
1. Started business with cash 8,00,000
2. Purchased machinery on credit 1,00,000
3. Paid by cheque for machinery in full
settlement. 96000
4. Charged depreciation on
machinery
10,000
5. Repair expenses on machinery are
due 500
6. Machinery destroyed by fire and
salvage value 6000
Received
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