1,75,000 (b) Purchased goods from Rohit Rs. 1. 25,000. Solution: Question 8. 2. Half the payment received in cash. 10,000. 25,000. iv. 30,000 and on credit from Karan Rs. 2. (iii) Goods costing Rs. Bought goods for cash ₹80,000 and on credit for ₹40,000. Prepare accounting equation from the following: Answer: Q3. 5,000. View Accounting_Equation_Goyal.docx from ACCOUNT 01 at Delhi Technological University. Mohit has the following transactions, prepare accounting equation… Started business with cash Rs.50,000 and goods Rs.30,000. Raj started business with cash Rs. (iv) Withdrew cash for personal use Rs. Solution: Question 15. It is important to keep the accounting equation in mind when performing. (c) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%. Add your answer and earn points. Prepare an Accounting Equation from the following: (i) Started business with cash ₹ 1,00,000. Question 17. Bought goods from Han on credit for Rs. Prepare accounting equation from the following: (a) Kunal started business with cash: Rs.2,50000 (b) He … (d) Paid salaries ₹ 8,000. 3. The Accounting Equation is based on the double entry accounting, which says that every transaction has two aspects, debit and credit, and for every debit there is equal and opposite credit. Prepare accounting equation from the following transactions and show balance sheet also? (iii) Sold goods for cash costing Rs 10,000 and on credit costing Rs 15,000 both at a profit of 20%. Bought goods for cash ₹80,000 and on credit for ₹40,000. Bought merchandising for cash Rs. Prepare Accounting Equation from the following and also prepare a Balance Sheet:-1. I ajeet started business 20 000. (b) Purchase goods for cash ₹ 20,000 and on credit ₹ 30,000. Prepare Accounting Equation from the following: 4 (a) Started business with Cash Rs. Q.3 Prepare Accounting Equation from the following: (a) Started business with Cash ₹ 2,00,000. (c) Sold goods for Cash costing Rs. (c) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%. Prepare accounting equation on the basis of the following: (a) Harsha started business with cash: Rs 2,00,000 (b) Purchased goods from Naman for cash: Rs 40,000 (c) Sold goods to Bhanu costing Rs 10,000/- Rs 12,000 (d) Bought furniture on credit: Rs 7,000: Answer. Goods costing ₹10,000 sold for ₹12,000 on credit. 40,000. 1,50,000. 50,000; ... 15 per litrePurchaseJune2 lakh litres 14.25June 301 lakh litres 15-15Closing inventory 130 lakh litresCompute the following by the FIFO as per AS-2:00 value of inventory on June 30« amount of cost of goods sold for June; (b) profit/loss for the month of June develop an accounting equation 1) … 10,000. What is the Accounting Equation? DK Goel Accountancy Class 11 Solutions Chapter 6 Accounting Equations are created by expert Accountancy teachers from the DK Goel Class 11 Accountancy books. 1. (b) Purchased goods for Cash Rs. Prepare Accounting Equation from the following: (a) Started business with cash 1,00,000. ₹ (b) Purchase 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%. 40,000 at a profit of 20% and on Credit costing Rs. Chapter 2 Review of the Accounting Process QUESTIONS FOR REVIEW OF KEY TOPICS Question 2–1 External events involve an exchange transaction between the company and a separate economic entity. 60,000 and on Credit Rs. 1.prashant started business with with cash 40,000 2.purchased goods for cash 4,000 3.purchased machinery for cash 10,000 4.purchase goods on credit 2,000 5.paid salary 500 50,000. ii. 80,0005) He sold goods (costing Rs. 35,0003) He paid commission Rs. Create an Accounting Equation to show the effect of the above transactions on his assets, liabilities and capital and also show his final Balance sheet. In this form, it is easier to highlight the relationship between shareholder’s equity and debt (liabilities). 5. Started business with cash Rs. An exchange of cash for merchandise is a transaction. Accounting equation describes that the total value of assets of a business is always equal to its liabilities plus owner’s equity. The accounting equation can also be rearranged into the following form: Shareholder’s Equity = Assets – Liabilities. (ii) Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000. 2. Goods costing ₹75,000 sold at a profit of 331313%. We at BYJU’S provide DK Goel Solutions to assist students in developing a comprehensive understanding of all the theories. Iii purchased furniture on credit for 30 000 solution. Prepare Accounting Equation from the following: (i) Started business with cash ₹ 1,00,000 and Goods ₹ 20,000. Prepare accounting equation from the following Amt (`) (i) Darshan started business with cash 2,50,000 (ii) He purchased furniture for cash 35,000 (iii) He paid commission 2,000 (iv) He purchased goods on credit 40,000 (v) He sold goods (costing ` 20,000) for cash 26,000 Ans. Raj withdrew cash for personal use Rs. Raghu started business with Cash ₹1,50,000. The left and right sides of the equation always coincide. Bought goods for cash Rs. This equation sets the foundation of double entry accounting and highlights the structure of the balance sheet. TS Grewal Solutions for Class 11 Accountancy Chapter 2 - Accounting Equation Q.17 Prepare Accounting Equation from the following: (a) Started business with cash ₹ 1,00,000. (iv) Ram paid 50% of his balance in cash. (Delhi 2010) A nswer 7: The following table is showing the accounting equation. Goods costing ₹75,000 sold at a profit of 33 1 3 %. started business with cash rs 8,00,000 and machining rs 4,00,000 - ianswers-in.com The equation is as follows. At the end of its accounting period, December 31, 2017, You're A Star has assets of $673,000 and liabilities of $162,000. July 3 Bought Machinery S1,400 On Credit From Trees Ltd. July 5 Bought A Van Paying By Cheque $6,010. Mohit has the following transactions, prepare accounting equation: (a) Business started with cash Rs. 20,000. It helps to prepare a balance sheet, so it is also called the Balance Sheet Equation. (ii) Sold 50% of above goods at a profit of Rs. Question 3. 30,000) for cash Rs 36,0006) Received Rent Rs. Paid for Rent Rs. 20,000 (g) Rent paid Rs. An accounting transaction is a business activity or event that causes a measurable change in the accounting equation. 4. Prepare accounting equation from the following. For every change to an asset account there must be an equal change to a related liability or shareholder s equity account. Question 1: Prepare Accounting Equation from the following:- 1. 5,000. 👍 Correct answer the question: Prepare accounting equations from the following. (ii) Sold goods worth ₹ 10,000 for cash ₹ 12,000. 5,00,0002) He purchased furniture for cash Rs. (d) Paid salaries 8,000. ₹ 10,000 (e) Cash paid to Rohit in full settlement Rs. 50,000 sold at a profit of 25% out of which Rs. (ii) Purchased goods for cash Rs 20,000 and on credit Rs 30,000. 2,00,000. Purchased a Motor - cycle for personal use Rs. (iii) Purchased furniture on credit for ₹ 30,000 Solution: Question 6. 2,0004) He purchased goods on credit Rs. (b) Purchased goods for Cash ₹ 60,000 and on Credit ₹ 1,50,000. July 2 Bought Office Furniture By Cheque $1,200. 30,000 and on credit for Rs. i. Commence business with cash Rs. Prepare an accounting equation from the following. 2. (ii) Purchased goods for cash Rs. Correct answers: 3 question: Prepare Accounting Equation from the following: 1) Anil started business with cash Rs. Bought goods on credit … 3. 2. Accounting Equation Shannon Cook is the stockholder and operator of You're A Star LLC, a motivational consulting business. 72,000 at a profit of 25%. 12,000 . 2,000.7) Paid Salaries Rs. This simple equation illustrates two facts about a … 4. 2,000. This equation is the foundation of modern double entry system of accounting being used by small proprietors to large multinational corporations. (v) Rent outstanding Rs. Prepare accounting equation from the following transactions: rs. Half the payment received in cash. 3. Prepare an Accounting Equation and Balance Sheet on the following basis: (i) Ajeet started business ₹ 20,000. 40,000 were Sold for Rs. (c) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%. 30,000. Ques 1: Prepare Accounting Equation from the following:- Ans: Ques 2(a): Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances: Ans: Ques 2(b): Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram.Also prepare a Balance Sheet:− 1. Prepare accounting equation from the following : (i) Started a business with cash Rs.1,00,000 and goods worth Rs.20,000. Prepare the accounting equation on the basis of the following data. 1,000. Other names used for accounting equation are balance sheet equation and fundamental or basic accounting equation. 2,000. Goods costing ₹10,000 sold for ₹12,000 on credit. Merely placing an order for goods is not a recordable transaction because no exchange has taken place. Using the accounting equation, determine the following amounts: a. 5. 3. Cash sales of worth Rs. 44,000. 4. For deep understanding of accounting equation, following are important accounting equation questions: Problem 1: Habib Ullah Sadiq is wholesale trader; following transactions are record in Accounting Equation? Q2. 75000 x Goods costing Rs 10,000 sold for Rs 12,000 on credit. Prepare an Accounting Equation from the following: i.
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