Accounting Equation-Class XI-Accountancy-Assignment

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(b) If in the above Question, the proprietor has introduced additional capital of Rs 25,000 and had withdrawn Rs 8,000 for personal purposes, find out the profit.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 During the year, he had introduced additional capital of Rs. 60,000 and had withdrawn Rs. 36,000 for personal purposes.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(b) If in the above Question, the proprietor has introduced additional capital of Rs 25,000 and had withdrawn Rs 8,000 for personal purposes, find out the profit.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

Subsidiary Books -Accountancy-Class XI-Assignment

Ques1.  Enter the following transactions in proper subsidiary books.

Assets: Cash-in-hand Rs. 75,00; Cash at Bank Rs. 60,000; Debtors Rs. 80,000, Stock Rs. 2,00,000, Furniture Rs. 50,000 Machinery Rs. 1,60,000.

Liabilities: Soni and Company Rs. 48,000. Other transactions for the month of January were as follows:

2013

Jan 3 Deposited in the Bank Rs. 20,000.

Jan 5 Goods purchased for cash Rs. 25,000.

Jan 7 Withdrew from Bank Rs. 18,000.

Jan 8 Sold to Amit Rs. 28,000

Jan 10 Sold to Diwan goods worth Rs. 50,000.

Jan 12 Purchased goods from Krishna goods of the list price of Rs. 40.000 at 10% trade discount.

Jan 13 Returned to Krishna goods worth Rs. 6,000.

Jan 15 Paid Rs. 29,500 by cheque to Krishna in full settlement of discount.

Jan 17 Received commission from Mohan Rs. 2,000.

Jan 20 Received from Amit Rs. 20,000 discount Allowed Rs. 1,000.

Jan 21 Purchased goods from Vibhore for Rs. 30,000 , Trade discount 10%

Jan 22 Issued cheque to Raj and Company Rs. 20,000.

Jan 24 Returned goods by Amit goods worth Rs. 1,000.

Jan 26 Purchased machinery from Raghubir and Company, on credit for Rs. 24,000.

Jan 28 Received cash Rs. 32,000 and cheque Rs. 3,000 from Diwan. Cheque was immediately deposited in the Bank. Discount Allowed Rs. 700

Jan 30 Paid wages Rs. 3000.

Jan 31 Paid salaries by cheque Rs. 4,000.

Jan 31 Goods withdrawn for personal use Rs. 12,000. 

Ques 2. Enter the following transactions in proper subsidiary books, post them into ledger accounts, balance the accounts and prepare trial balance:-

The following balances existed in the books of Shri Gopaljee on 1^st April 2014:

Assets:  Cash in hand Rs. 40,000; Cash at Bank Rs. 60,000: Debtors: Amar &Co. Rs. 34,000;

            Brij Kishore Rs. 26,000; Charan Dass Rs. 42,000; Stock Rs. 2,05,000and Furniture Rs 90,000

Liabilities:  Creditors:   Mohan Silk Ltd. Rs. 15,000

Following transactions took place during the month of April:

2014

April 3 Deposited into Bank Rs. 15,000

          4- Purchased goods from Jindal Trading Co.

              200 metre silk  @Rs. 80 per metre

              100 metre cotton  @Rs. 40 per metre

  April 6  Sold goods to Radha Krishan &Co.

            50 metre Silk @ Rs.  125 per metre

            40 metre Cotton  @ Rs. 60 per metre

 April 10 Returned to Jindal Trading Co.

           20 metre Silk and 15 metre Cotton

 April 12  Issued a cheque to Jindal Trading Co. in full settlement of their accounts after deducting cash                       discount @2%

 April 15  Received cash Rs.  2000 and cheque for Rs. 6,000 from Radha Krishan &Co. The cheque was immediately sent to bank. Discount Allowed Rs. 200

 April 15   Purchased Furniture from Sita Ram &Co. on credit for Rs. 30,000.

  April 16  Gopaljee withdrew goods for his personal use Rs. 4,000.

  April 16   Sold goods to Brij Kishore

        80 metre Silk @ Rs. 130 per metre less 5%

April 18  Returned by Brij Kishore 10 metre Silk

April 19 Issued cheque to Sita Ram & Co. Rs 30,000.

April 20 Purchased goods from Mohan Silk Ltd.

             300 metre silk @Rs 90 per metre

             200 metre Cotton @ Rs. 50 per metre

April 21 Accepted a bill drawn by Mohan Silk Ltd. For Rs. 40,000 at 1 month.

April 24  Received from Brij Kishore Rs. 7,500 . Discount Allowed Rs. 100.

April 25  Received an acceptance from Amar & Co. for 30 days for the amount due from them.

April 26 Received from Bank  Rs. 10,000.

April 27  Brij Kishore gave his acceptance for Rs. 25,000 at 2 months.

April 29  Paid salaries by cheque Rs. 3,600

April 30 Paid RENT  Rs. 1200.

 

Ques 3. Record the following transactions of M/s Mahipal Bros. in proper Subsidiary Books, post them into the Ledger and take out a Trial Balance:

2014

Jan  1 Commenced Business with Cash Rs. 2,00,000.

Jan 2 Deposited ino U.T.I Bank Rs. 11,75,000.

Jan  4 Purchased goods from Dilip for Rs. 40,000. Trade Discount 20%

Jan 6 Gave a cheque to Dilip for Rs. 16,800 and discount allowed by him Rs. 200.

Jan 8 Goods bought from Nikhilesh for Cash Rs. 14,000.

Jan 10 Accepted a bill at 2 months for Rs. 15,000 drawn by Dilip.

Jan 11  Bought goods from Suresh Rs. 75,000.

Jan 13 Paid to Suresh a Cheque of Rs. 58,800 after receiving a discount of 2 %.

Jan 15 Cash Sales made by Jyoti Prashad Rs. 8,000.

Jan 16 Sold goods to Mohinder for Rs. 20,000.

Jan 17 Goods returned by Mohinder for Rs. 1,500.

Jan 18 Received from Mohinder Rs. 7,900after allowing a discount of 1.25%.

Jan 20 Goods sold to Banerjee Rs. 50,000.

Jan 21 Deposited into Bank Rs. 20,000.

Jan 25 Goods taken for personal use Rs. 2,000.

Jan 25 Sold goods to Anoobhav Rs. 30,000.

Jan 27 Goods Returned by Anoobhav Rs.5,000.

Jan 27 Received full payment from Banerjee by Cheque, sent it to bank, Discount Allowed 2%.

Jan 28 Acceptance received from Anoobhav at 30 days for the amount due from him.

Jan 28 Paid for stationery Rs. 400 and for Postage Rs. 5,000.

Jan 31 Rent of proprietor’s house paid by cheque Rs. 2,500.

Ques 4. Following transactions were recorded in the books of Bajaj Light House:

2013

Nov  2  Sold to Ravi Electric-

             20 heaters @ Rs. 120 each, less 25%

             50 tubelights @ Rs. 60 each, less 20%

Nov 8   Purchased from      Royal Traders-

              25 Ceiling fans @ Rs. 600 each

              20 table fans @ Rs. 800 each

             Add: Packing Charges Rs. 60

Nov 12  Five stars Lighting Houses purchased from us-

              72 dozens bulb @Rs. 100 per dozen.

Nov 15  Purchased from Sign & Co. one almirah for Rs. 6,000 on credit for office use.

Nov 20  Better Dealer sold to us –

              5 Water heater @Rs. 360 each

              Less: 10%

Nov 23 New Light House returned-

              5 tube lights sold on Nov. 2

Nov 24 Sold goods to Ram Lal & Co. for cash Rs. 10,000.

Nov 29 Returned to Better Dealer 1 water heater purchased on Nov. 20

You are required to prepare (i). Purchase Book (ii). Sales Book  (iii). Purchase Return Book and (iv). Sales Return Book.

Ques 5 Enter the following transactions of Sh. S. Kumar in appropriate Subsidiary books:

2002 Jan. 1	Assets: Cash in Hand Rs. 5,400; Due from Balaji & Co. Rs. 7,000; Due from Manoj Rs. 20,000; Stock Rs. 80,000; Furniture Rs. 25,000. Liabilities: Bank overdraft Rs. 36,200; due to Surnder Rs. 9,200.
Jan. 3	Purchased from Ram Lal & Sons 10 Chests of tea @ Rs. 720 each less 10% trade discount.
Jan. 5	Purchased from Ghanshyam Das & Co. 20 tins of coffee @ Rs. 480 each, less 5% trade discount. Half the payment is made in cash and half by cheque.
Jan. 6	Purchased machinery for rs. 10,000 from Parmod & Co. on Credit.
Jan. 8	Received cash from Balaji & Co. Rs. 6,800 in full settlement of  their account.
Jan. 10	Deposited into bank Rs. 5,000.
Jan. 12	Sold to sen & Co. good as follows:             4 Chests of tea @ Rs. 950 each             12 tins of Coffee @ Rs. 700 each
Jan. 15	Returned to ram Lal & Sons 1 chest of tea.
Jan. 16	Sold to Ravi Shankar 20 chests of tea @ Rs. 1,000 each less 5% trade discount.
Jan 17	Ravi Shankar returned 1 chest of tea.
Jan. 18	Ravi Shankar accepted a bill for 1 month for the amount due from him.
Jan. 18	Paid for wages Rs. 500 and for stationery Rs. 200.
Jan. 20	Received a cheque of Rs. 10,000 from Sen & Co. The cheque is immediately deposited into bank.
Jan. 21	Purchased from Vijay & Co. 20 chests of tea @ Rs. 800 each and 5 tins of coffee @ Rs. 500 each.
Jan. 22	2 Chests of tea costing Rs. 700 each are taken by Mr. S. Kumar for his personal use.
Jan. 24	Returned to Vijay & Co. 2 chests of tea and 1 tin of coffee.
Jan. 25	Acceptance given to Vijay & Co. for 2 months for the amount due to them.
Jan. 27	Acceptance received from Sen & Co. for Rs. 2,200 for 30 days.
Jan. 28	Withdrew from bank for personal use Rs. 4,000 and for office use Rs. 6,000.
Jan. 30	Paid rent by cheque Rs. 4,000.