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प्रश्न
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 |
Prepare the accounting equation to show the effect of the above transactions on the assets, liabilities and capital.
उत्तर
| No. | Transaction | Assets | Liabilities | + |
Capital |
|||||||
| Cash | + | Machinery | + | Stock | = | Creditors | + | Unaccrued Income | ||||
| (a) | Increase in cash | 1,50,000 | ||||||||||
| Increase in capital | 1,50,000 | |||||||||||
| 1,50,000 | + | 0 | + | 0 | = | Nil | + | 0 | + | 1,50,000 | ||
| (b) | Increase in machinery | 40,000 | ||||||||||
| Increase in creditors | = | 40,000 | ||||||||||
| 1,50,000 | + | 40,000 | + | 0 | = | 40,000 | + | 0 | + | 1,50,000 | ||
| (c) | Increase in stock | 20,000 | ||||||||||
| Decrease in cash | (20,000) | |||||||||||
| 1,30,000 | + | 40,000 | + | 20,000 | = | 40,000 | + | 0 | + | 1,50,000 | ||
| (d) | Decrease in cash | (80,000) | ||||||||||
| Decrease in capital (Drawing) | (80,000) | |||||||||||
| 50,000 | + | 40,000 | + | 20,000 | = | 40,000 | + | 0 | + | 70,000 | ||
| (e) | Decrease in creditors | (40,000) | ||||||||||
| Decrease in cash | (38,000) | |||||||||||
| Increase in capital | 2,000 | |||||||||||
| (Discount received) | ||||||||||||
| 12,000 | + | 40,000 | + | 20,000 | = | Nil | + | 0 | + | 72,000 | ||
| (f) | Increase in cash | 4,500 | ||||||||||
| Decrease in stock | (5,000) | |||||||||||
| Decrease in capital (Loss) | (500) | |||||||||||
| 16,500 | + | 40,000 | + | 15,000 | = | Nil | + | 0 | + | 71,500 | ||
| (g) | Decrease in cash | (1,000) | ||||||||||
| Decrease in capital (Expense) | (1,000) | |||||||||||
| 15,500 | + | 40,000 | + | 15,000 | = | Nil | + | 0 | + | 70,500 | ||
| (h) | Increase in cash | 2,000 | ||||||||||
| Increase in unaccrrued income | 2,000 | |||||||||||
| 17,500 | + | 40,000 | + | 15,000 | = | Nil | + | 2,000 | + | 70,500 | ||
| Total | 72,500 | = | 72,500 | |||||||||
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संबंधित प्रश्न
Accounting equation remains intact under all circumstances. Justify the statement with the help of an example
Prepare accounting equation on the basis of the following:
(a) Harsha started business with cash ₹ 2,00,000
(b) Purchased goods from Naman for cash ₹ 40,000
(c) Sold goods to Bhanu costing ₹ 10,000/- ₹ 12,000
(d) Bought furniture on credit ₹ 7,000
Prepare accounting equation from the following:
(a) Kunal started business with cash ₹ 2,50000
(b) He purchased furniture for cash ₹ 35,000
(c) He paid commission ₹ 2,000
(d) He purchases goods on credit ₹ 40,000
(e) He sold goods (Costing ₹ 20,000) for each ₹ 26,000
Mohit has the following transactions, prepare accounting equation:
| (a) | Business started with cash | ₹ 1,75,000 |
| (b) | Purchased goods from Rohit | ₹ 50,000 |
| (c) | Sales 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 | ₹ 48,500 |
| (f) | Cash received from Manish | ₹ 20,000 |
| (g) | Rent paid | ₹ 1,000 |
| (h) | Cash withdrew for personal use | ₹ 3,000 |
Use accounting equation to show the effect of the following transactions of M/s Royal Traders:
| (a) | Started business with cash | ₹ 1,20,000 |
| (b) | Purchased goods for cash | ₹ 10,000 |
| (c) | Rent received | ₹ 5,000 |
| (d) | Salary outstanding | ₹ 2,000 |
| (e) | Prepaid Insurance | ₹ 1,000 |
| (f) | Received interest | ₹ 700 |
| (g) | Sold goods for cash (Costing ₹ 5,000) | ₹ 7,000 |
| (h) | Goods destroyed by fire | ₹ 500 |
Show the accounting equation on the basis of the following transaction:
| (a) | Udit started business with: | |
| (i) Cash | ₹ 5,00,000 | |
| (ii) Goods | ₹ 1,00,000 | |
| (b) | Purchased building for cash | ₹ 2,00,000 |
| (c) | Purchased goods from Himani | ₹ 50,000 |
| (d) | Sold goods to Ashu (Cost ₹ 25,000) | ₹ 36,000 |
| (e) | Paid insurance premium | ₹ 3,000 |
| (f) | Rent outstanding | ₹ 5,000 |
| (g) | Depreciation on building | ₹ 8,000 |
| (h) | Cash withdrawn for personal use | ₹ 20,000 |
| (i) | Rent received in advance | ₹ 5,000 |
| (j) | Cash paid to himani on account | ₹ 20,000 |
| (k) | Cash received from Ashu | ₹ 30,000 |
Show the effect of the following transactions on Assets, Liabilities and Capital through accounting equation:
| (a) | Started business with cash | ₹ 1,20,000 |
| (b) | Rent received | ₹ 10,000 |
| (c) | Invested in shares | ₹ 50,000 |
| (d) | Received dividend | ₹ 5,000 |
| (e) | Purchase goods on credit from Ragani | ₹ 35,000 |
| (f) | Paid cash for household Expenses | ₹ 7,000 |
| (g) | Sold goods for cash (costing ₹ 10,000) | ₹ 14,000 |
| (h) | Cash paid to Ragani | ₹ 35,000 |
| (i) | Deposited into bank | ₹ 20,000 |
Show the effect of following transaction on the accounting equation:
| (a) | Manoj started business with | |
| (i) Cash | ₹ 2,30,000 | |
| (ii) Goods | ₹ 1,00,000 | |
| (iii) Building | ₹ 2,00,000 | |
| (b) | He purchased goods for cash | ₹ 50,000 |
| (c) | He sold goods (costing ₹ 20,000) | ₹ 35,000 |
| (d) | He purchased goods from Rahul | ₹ 55,000 |
| (e) | He sold goods to Varun (Costing ₹ 52,000) | ₹ 60,000 |
| (f) | He paid cash to Rahul in full settlement | ₹ 53,000 |
| (g) | Salary paid by him | ₹ 20,000 |
| (h) | Received cash from Varun in full settlement | ₹ 59,000 |
| (i) | Rent outstanding | ₹ 3,000 |
| (j) | Prepaid Insurance | ₹ 2,000 |
| (k) | Commission received by him | ₹ 13,000 |
| (l) | Amount withdrawn by him for personal use | ₹ 20,000 |
| (m) | Depreciation charge on building | ₹ 10,000 |
| (n) | Fresh capital invested | ₹ 50,000 |
| (o) | Purchased goods from Rakhi | ₹ 6,000 |
Transactions of M/s Vipin Traders are given below.
Show the effects on Assets, Liabilities and Capital with the help of accounting Equation:
| (a) | Business started with cash | ₹ 1,25,000 |
| (b) | Purchased goods for cash | ₹ 50,000 |
| (c) | Purchase furniture from R.K. Furniture | ₹ 10,000 |
| (d) | Sold goods to Parul Traders (Costing ₹ 7,000 vide bill no. 567) | ₹ 9,000 |
| (e) | Paid cartage | ₹ 100 |
| (f) | Cash Paid to R.K. furniture in full settlement | ₹ 9,700 |
| (g) | Cash sales (costing ₹ 10,000) | ₹ 12,000 |
| (h) | Rent received | ₹ 4,000 |
| (i) | Cash withdrew for personal use | ₹ 3,000 |
Bobby opened a consulting firm and completed these transactions during November, 2017:
(a) Invested ₹ 4,00,000 cash and office equipment with ₹ 1,50,000 in a business called Bobbie Consulting.
(b) Purchased land and a small office building. The land was worth ₹ 1,50,000 and the building worth ₹ 3,50,000. The purchase price was paid with ₹ 2,00,000 cash and a long-term note payable for ₹ 3,00,000.
(c) Purchased office supplies on credit for ₹ 12,000
(d) Bobbie transferred title of motor car to the business. The motor car was worth ₹ 90,000.
(e) Purchased for ₹ 30,000 additional office equipment on credit.
(f) Paid ₹ 75,00 salary to the office manager
(g) Provided services to a client and collected ₹ 30,000
(h) Paid ₹ 4,000 for the month’s utilities.
(i) Paid supplier created in transaction c.
(j) Purchase new office equipment by paying ₹ 93,000 cash and trading in old equipment with a recorded cost of ₹ 7,000.
(k) Completed services of a client for ₹ 26,000. This amount is to be paid within 30 days
(l) Received ₹ 19,000 payment from the client created in transaction k
(m) Bobby withdrew ₹ 20,000 from the business.
Analyse the above stated transactions and open the following T-accounts:
Cash, client, office supplies, motor car, building, land, long-term payables, capital, withdrawals, salary, expense and utilities expense.
