Solution of Accounting Equation Class 11

Solution of Accounting Equation Class 11

Practice Problem no. 1

Following transaction are given

a.       Started business with Rs. 100000

b.       Goods purchased on credit Rs. 5000

c.       Goods sold for cash Rs. 10000

d.       Deposited into banks Rs. 3000

Required: Accounting equation  

Practice Problem no. 2

Following transactions are given

1.       Started business with a bank balance

2.       Purchased Goods for Cash Rs. 150000 and on credit Rs. 40000

3.       Paid salary Rs. 30000

4.       Goods costing Rs. 20000 was sold for Rs. 18000

5.       Cash is withdrawn for office use Rs. 3000

Required: Accounting equation  

Practice Problem no.3

Following transactions are given

i.                      Started business with cash Rs. 250000 and bank balance 50000

ii.                   Goods purchased from Abiral Rs. 40000

iii.                 Goods costing Rs. 20000 was sold for Rs. 22000

iv.                 Paid to Abiral Rs. 10000

v.                   Withdraw cash from bank 4000

Required: Accounting equation 

Practice Problem no.4

Following transactions are given

i.                  Started business with cash Rs. 200000, Bank balance Rs. 30000 and            Furniture Rs. 50000

ii.                   Purchased goods worth Rs. 100000

iii.                 Sold goods worth Rs. 50000 in credit

iv.                 Paid rent Rs. 10000 by cheque

v.                   Cash deposited into bank 20000

Required: Accounting equation 

Practice Problem no.5

Practice Problem no.6

The following transactions are given 

a. Started business with cast Rs. 70000 and furniture Rs. 10000

b. Purchased goods on credit Rs. 14000

c. Sold goods for cash (costing Rs. 3000) for Rs. 4000

d. Paid to creditors Rs. 13500 for full settlement 

          Required: Accounting equation  

Practice Problem no.7

Following transactions are given to you

a. Ramesh started business with Rs. 100000

b. He deposited into bank Rs. 50000

c. Purchased goods from Bibek Rs. 35000

d. Withdrew goods for private use Rs. 500

Required: Accounting equation  

Practice Problem no.8

Give accounting for the following transaction

a.       Capital introduced into the business Rs. 200000

b.       Purchased of goods on credit Rs. 20000

c.       Goods sold on Cash Rs. 5000, and on credit Rs. 10000

d.       Paid to creditors Rs. 19500 and received discount Rs. 500

Practice Problem no.9

Give accounting equation for the following transaction

a.       Business started with cash Rs. 400000 and furniture Rs. 100000

b.       Loan taken from bank Rs. 200000

c.       Salaries paid Rs. 20000 and still outstanding Rs. 5000

d.       Depreciation on furniture Rs. 10000

Required: Accounting equation  

Practice Problem no.10

Consider the following transaction

a.       Started business with cash and deposited in the bank Rs. 350000

b.       Purchased goods from Ranjit for Rs. 50000 and made a down payment on Rs. 30000

c.       Sold goods on account costing Rs. 25000 for Rs. 20000

d.       Goods costing Rs. 10000 lost by fire and the insurance company admitted the claim for only Rs. 8000

Required: Accounting equation  

Practice Problem no. 11

Give accounting equation for the following transactions:

a.       Business established with 250000

b.       Goods costing 5000 sold for cash 2000 and on credit 4000

c.       Fire occurred and goods lost 15000

d.       Payment made by debtor 3900 for full settlement

Required: Accounting equation  

Practice Problem no. 12

Give accounting equation for the following transactions:

a. Invested 250000 in a business.

b. Received in advance service fee 10000

c. Goods (Costing 9000) sold on credit for 8500

d. 1/2 part of advance service fees is earned

Practice Problem no. 13

Give accounting equation for the following transaction:

a. Business started with cash 50000 and furniture 100000

b. Loan taken from Bank 100000

c. Salaries paid 10000 and still outstanding 5000

d. Depreciation on furniture 10000

Required: Accounting equation 

Practice Problem no. 14

You are given the following transactions

a.       Started business with 100000

b.       Purchased fixed assets 50000

c.       Purchased goods costing 50000; 25000 for cash and 2500 on credit.

d.       Goods costing 2000 destroyed by fire; Insurance Company admitted claim for 500 only

e.       Proprietor drew 1000 goods for Personal use.

f.        Paid to creditors 24900 for full settlement of the debt.

g.       Interest on drawing 100

Required: Accounting equation

 

Practice Problem no. 15

You are given the following transactions

a.       Started business with 100000

b.       Additional capital introduced 50000

c.       Purchased goods costing 50000 on credit

d.       Goods costing 2000 destroyed by fire.

e.       Rent due 1000

f.        Interest earned but not received 4000

g.       Interest on capital 100

Required: Accounting equation