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Page No 5.16:

Answer:

S. No.

 

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Bank

(Rs)

+

Stock

(Rs)

=

Creditors

(Rs)

 

 

(Rs)

(i)

Started business with cash

45,000

 

 

 

 

=

 

 

45,000

 

 

45,000

 

 

 

 

=

 

 

45,000

(ii)

Opened a Bank Account with a deposit

– 4,500

+

4,500

 

 

=

 

 

 

 

 

40,500

+

4,500

 

 

=

 

 

45,000

(iii)

Bought goods from M/s. Sun & Co.

 

 

 

 

11,200

=

11,200

 

 

 

 

40,500

+

4,500

+

11,200

=

11,200

+

45,000

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

=

 

Cash + Bank + Stock

 

=

 

40,500 + 4,500 + 11,200

 

=

Rs

56,200

Liabilities

=

 

11,200

Capital

=

 

45,000

Page No 5.16:

Answer:

S. No

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

+

Debtors

(Rs)

 

Creditors

(Rs)

 

 

(Rs)

(i)

Gopinath Started business with

25,000

 

 

 

 

=

 

 

25,000

 

 

25,000

 

 

 

 

=

 

 

25,000

(ii)

Purchased goods from Shyam

 

 

10,000

 

 

 

10,000

 

 

 

 

25,000

+

10,000

 

 

=

10,000

+

25,000

(iii)

Sold goods to Sohan

 

 

– 1,800

+

1,500

=

 

 

– 300

 

 

25,000

+

8,200

+

1,500

=

10,000

+

24,700

(iv)

Gopinath withdrew from business

–5,000

 

 

 

 

=

 

 

– 5,000

 

 

20,000

+

8,200

+

1,500

=

10,000

+

19,700

 

 

 

 

 

 

 

 

 

 

 

 

Assets

=

 

20,000 + 8,200 + 1,500

 

=

Rs

29,700

Liabilities

=

Rs

10,000

Capital

=

Rs

19,700

 



Page No 5.17:

Answer:

S. No.

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Advances Expenses

(Rs)

=

Outstanding Expenses

(Rs)

 

 

(Rs)

(i)

Started business with Cash

50,000

 

 

=

 

 

50,000

 

 

50,000

 

 

=

 

 

50,000

(ii)

Salaries paid

 – 2,000

 

 

=

 

 

– 2,000

(expenses)

 

 

48,000

 

 

=

 

 

48,000

(iii)

Wages Outstanding

 

 

 

=

200

+

– 200

(expenses)

 

 

4,800

 

 

=

200

 

47,800

(iv)

Interest due but not paid

 

 

 

=

100

+

– 100

(expenses)

 

 

48,000

 

 

=

300

+

47,700

(v)

Rent paid in advance

 – 150

+

150

=

 

 

 

 

 

47,850

+

150

=

300

+

47,700

 

 

 

 

 

 

 

 

 

 

Assets

=

 

47,850 + 150

 

=

Rs

48,000

Liabilities

=

Rs

300

Capital

=

Rs

47,700

Page No 5.17:

Answer:

S. No.

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

=

Creditors

(Rs)

+

Outstanding Rent

(Rs)

 

 

(Rs)

(i)

Harish started business with cash

18,000

 

 

=

 

 

 

 

18,000

 

 

18,000

 

 

=

 

 

 

 

18,000

(ii)

Purchased goods for Cash Rs 5,000 and on credit Rs 2,000

– 5,000

+

7,000

=

2,000

 

 

 

 

 

 

13,000

+

7,000

=

2,000

 

 

+

18,000

(iii)

Sold goods for cash Rs 4,000 costing Rs 2,400

4,000

 

– 2,400

=

 

 

 

 

1,600

(Profit)

 

 

17,000

+

4,600

=

2,000

 

 

+

19,600

(iv)

Rent paid Rs 1,000 and Rent Outstanding Rs 200

– 1,000

 

 

=

 

 

200

 

– 1,200

 

 

16,000

+

4,600

=

2,000

+

200

+

18,400

 

 

 

 

 

 

 

 

 

 

 

 

Assets

=

 

16,000 + 4,600

 

=

Rs

20,600

Liabilities

=

 

2,000 + 200

 

=

Rs

2,200

Capital

=

Rs

18,400

Page No 5.17:

Answer:

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

+

Furniture

(Rs)

=

Creditors

(Rs)

 

 

(Rs)

(i)

Started business with cash Rs 1,00,000 and Goods Rs 20,000

1,00,000

+

20,000

 

 

=

 

 

1,20,000

 

 

1,00,000

+

20,000

 

 

=

 

 

1,20,000

(ii)

Sold goods worth Rs 10,000 for cash Rs 12,000

12,000

 

– 10,000

 

 

=

 

+

2,000

 

 

1,12,000

+

10,000

 

 

=

 

 

1,22,000

(iii)

Purchased furniture on credit for Rs 30,000

 

 

 

 

30,000

=

30,000

 

 

 

 

1,12,000

+

10,000

+

30,000

=

30,000

+

1,22,000

 

Assets

=

 

1,12,000 + 10,000 + 30,000

 

=

Rs

1,52,000

Liabilities

=

Rs

30,000

Capital

=

Rs

1,22,000

 

Page No 5.17:

Answer:

 

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Furniture

(Rs)

+

Stock

(Rs)

=

 

 

 

(Rs)

(i)

Ajit started business Rs 20,000

20,000

 

 

 

 

=

 

 

20,000

 

 

20,000

 

 

 

 

=

 

 

20,000

(ii)

He purchased furniture for Rs 2,000

 – 2,000

+

2,000

 

 

=

 

 

 

 

 

18,000

+

2,000

 

 

=

 

 

20,000

(iii)

He paid Rent of Rs 200

 – 200

 

 

 

 

=

 

 

– 200

(expense)

 

 

17,800

+

2,000

 

 

=

 

 

19,800

(iv)

He purchased goods on credit Rs 3,000

 

 

 

 

3,000

=

3,000

 

 

 

 

17,800

+

2,000

+

3,000

=

3,000

+

19,800

(v)

He sold goods (cost price Rs (2,000) for Rs 5,000 on cash

5,000

+

 

+

–2,000

=

 

 

3,000

(Profit)

 

 

22,800

+

2,000

+

1,000

=

3,000

+

22,800

 

 

 

 

 

 

 

 

 

 

 

 

Assets

=

 

22,800 + 2,000 + 1,000

 

=

Rs

25,800

Liabilities

=

Rs

3,000

Capital

=

Rs

22,800

 

Balance Sheet

Liabilities

Amount (Rs)

Assets

Amount (Rs)

Capital

22,800

Cash

22,800

Creditors

3,000

Furniture

2,000

 

 

Stock

1,000

 

25,800

 

25,800

 

 

 

 

 

Page No 5.17:

Answer:

 

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

+

Debtors

(Rs)

=

Creditors

(Rs)

 

 

(Rs)

(i)

Started business with cash Rs 1,00,000

1,00,000

 

 

 

 

=

 

 

1,00,000

 

 

1,00,000

 

 

 

 

=

 

 

1,00,000

(ii)

Purchased goods for cash Rs 20,000 and on credit Rs 30,000

 – 20,000

+

20,000

 

 

 

 

 

 

 

 

 

 

30,000

 

 

=

30,000

 

 

 

 

80,000

+

50,000

 

 

=

30,000

+

1,00,000

(iii)

Sold goods for cash costing Rs 10,000 and on credit costing

12,000

+

– 10,000

 

 

=

 

 

2,000

 

Rs 15,000 both at a profit of 20%

 

 

– 15,000

+

18,000

=

 

 

3,000

 

 

92,000

+

25,000

+

18,000

=

30,000

+

1,05,000

 

 

 

 

 

 

 

 

 

 

 

 

Page No 5.17:

Answer:

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

+

Furniture

(Rs)

=

Creditors

(Rs)

 

 

(Rs)

 

Mohan commenced business with cash

50,000

 

 

 

 

=

 

 

 50,000

 

 

50,000

 

 

 

 

=

 

 

 50,000

(ii)

Purchased goods for cash

 – 30,000

+

30,000

 

 

=

 

 

 

 

 

20,000

+

30,000

 

 

=

 

 

50,000

(iii)

Purchased goods on credit

 

 

20,000

 

 

=

20,000

 

 

 

 

20,000

+

50,000

 

 

=

20,000

+

50,000

(iv)

Sold goods costing Rs 10,000 for Rs 12,000

12,000

+

– 10,000

 

 

=

 

 

2,000

(profit)

 

 

32,000

+

40,000

 

 

=

20,000

+

52,000

(v)

Bought furniture on credit

 

 

 

 

2,000

=

2,000

 

 

 

 

32,000

+

40,000

+

2,000

=

22,000

+

52,000

(vi)

Paid cash to a creditor

 – 15,000

 

 

 

 

=

– 15,000

 

 

 

 

17,000

+

40,000

+

2,000

=

7,000

+

52,000

(vii)

Salary Paid

 – 1,000

 

 

 

 

=

 

 

– 1,000 (expenses)

 

 

16,000

+

40,000

+

2,000

=

7,000

+

51,000

 

 

 

 

 

 

 

 

 

 

 

 

Assets

=

 

16,000 + 40,000 + 2,000

 

=

Rs

58,000

Liabilities

=

Rs

7,000

Capital

=

Rs

51,000

 

Page No 5.17:

Answer:

 

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

+

Machinery

(Rs)

 

 

(Rs)

 

 

(Rs)

(i)

Started business with Cash Rs 70,000

70,000

 

 

 

 

 

 

 

70,000

 

 

70,000

 

 

 

 

 

 

 

70,000

(ii)

Credit purchase of goods Rs 18,000

 

 

18,000

 

 

=

18,000

 

 

 

 

70,000

+

18,000

 

 

=

18,000

+

70,000

(iii)

Payment made to creditor Rs 17,500 in full settlement

 – 17,500

 

 

 

 

=

– 18,000

+

500

(Discount Received)

 

 

52,500

+

18,000

 

 

=

 

 

70,500

(iv)

Purchase of Machinery for Cash Rs 20,000

 – 20,000

 

 

 

20,000

 

 

 

 

 

 

32,500

+

18,000

+

20,000

=

 

 

70,500

(v)

Depreciation on Machinery Rs 2,000

 

 

 

 

– 2,000

 

 

 

– 2,000

(Depreciation)

 

 

32,500

+

18,000

+

18,000

=

 

 

68,500

 

 

 

 

 

 

 

 

 

 

 

 

Assets

=

 

32,500 + 18,000 + 18,000

 

=

Rs

68,500

Liabilities

=

 

NIL

Capital

=

Rs

68,500

 



Page No 5.18:

Answer:

 

S. No.

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Prepaid Rent

(Rs)

+

Stock

(Rs)

 

Creditors

(Rs)

+

Salary outstanding

(Rs)

 

(Rs)

(i)

Commenced business with cash Rs 60,000

60,000

 

 

 

 

 

 

 

 

 

60,000

 

 

60,000

 

 

 

 

=

 

 

 

 

60,000

(ii)

Paid Rent in Advance Rs 500

 – 500

+

 500

 

 

 

 

 

 

 

 

 

 

59,500

+

500

 

 

=

 

 

 

 

 60,000

(iii)

Purchased goods for Cash Rs 30,000 and Credit Rs 20,000

 – 30,000

+

 

 

50,000

 

20,000

 

 

 

 

 

 

29,500

+

500

+

50,000

=

20,000

 

 

+

60, 000

(iv)

Sold goods for Cash Rs 30,000 Costing Rs 20,000

 30,000

+

 

+

– 20,000

 

 

 

 

 

10,000

(Profit)

 

 

59,500

+

500

+

30,000

=

20,000

 

 

+

70,000

(v)

Paid Salary Rs 500 and Salary Outstanding being Rs 100

– 500

 

 

 

 

=

 

 

 

 

– 500

 

 

 

 

 

 

 

 

 

 

100

 

– 100

 

 

59,000

+

500

+

30,000

=

20,000

+

100

+

69,400

(vi)

Brought motorcycle for personal use Rs 5,000

 – 5000

 

 

 

 

=

 

 

 

 

– 5000 (Drawings)

 

 

54,000

+

500

+

30,000

=

20,000

+

100

+

64,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

=

 

54,000 + 500 + 30,000

 

=

Rs

84,500

Liabilities

=

 

20,000 + 100

 

=

Rs

20,100

Capital

=

 

64,400

 

Balance Sheet

Liabilities

Amount (Rs)

Assets

Amount (Rs)

Capital

64,400

Cash

54,000

Creditors

20,000

Prepaid Rent

500

Salary Outstanding

100

Stock

30,000

 

85,500

 

85,500

 

 

 

 

 

Page No 5.18:

Answer:

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Accrued Interest

(Rs)

=

Advance Commission

(Rs)

 

 

(Rs)

(i)

Started business with Cash Rs 60,000

60,000

 

 

=

 

 

60,000

 

 

60,000

 

 

=

 

 

60,000

(ii)

Rent Received Rs 2,000

2,000

 

 

=

 

 

2,000

(Income)

 

 

62,000

 

 

=

 

 

 62,000

(iii)

Accrued Interest Rs 500

 

 

500

=

 

 

 500

(Income)

 

 

62,000

+

500

=

 

 

62,500

(iv)

Commission received in advance Rs 1,000

1,000

 

 

=

1,000

 

 

 

 

63,000

+

500

=

1,000

+

62,500

(v)

Amount withdrawn Rs 5,000

 – 5,000

 

 

=

 

 

– 5,000

 

 

58,000

+

500

=

1,000

+

57,500

 

 

 

 

 

 

 

 

 

 

Balance Sheet

Liabilities

Amount (Rs)

Assets

Amount (Rs)

Capital

57,500

Cash

58,000

Advance Commission

1,000

Accrued Interest

500

 

58,500

 

58,500

 

 

 

 

Page No 5.18:

Answer:

S. No.

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Prepaid Rent

(Rs)

+

Stock

(Rs)

=

Creditors

(Rs)

+

Outstanding Salary

(Rs)

 

 

(Rs)

(i)

Started business with Cash Rs 10,000

10,000

 

 

 

 

 

 

 

 

 

10,000

 

 

10,000

 

 

 

 

=

 

 

 

 

10,000

(ii)

Paid Rent in Advance Rs 300

 – 300

 

300

 

 

 

 

 

 

 

 

 

 

9,700

+

300

 

 

=

 

 

 

 

10,000

(iii)

Purchased goods for Cash Rs 5,000 and credit Rs 2,000

 – 5,000

+

 

+

5,000

=

2,000

 

 

 

 

 

 

 

 

 

 

2,000

=

 

 

 

 

 

 

 

4,700

+

300

+

7,000

=

2,000

 

 

+

10, 000

(iv)

Sold goods for Cash Rs 8,000 Costing Rs 4,000

 8,000

 

 

 

– 4,000

 

 

 

 

 

4,000

(Profit)

 

 

12,700

+

300

+

3,000

=

2,000

 

 

+

14,000

(v)

Paid Salary Rs 450 and Salary outstanding being Rs 100

 – 450

 

 

 

 

=

 

 

 

 

– 450

(Expense)

 

 

 

 

 

 

 

 

 

 

100

 

– 100

(Expense)

 

 

12,250

+

300

+

3,000

=

2,000

+

100

+

13,450

(vi)

Brought motorcycle for personal use Rs 3,000

 – 3,000

 

 

 

 

=

 

 

 

 

– 3,000

(Drawings)

 

 

9,250

+

300

+

3,000

=

2,000

+

100

+

10,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

=

 

9,250 + 300 + 3,000

 

=

Rs

12,550

Liabilities

=

 

2,000 + 100

 

=

Rs

2,100

Capital

=

 

10,450

 

Page No 5.18:

Answer:

 

S. No.

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

+

Furniture

(Rs)

+

Debtors

(Rs)

 

Creditors

(Rs)

 

 

(Rs)

(i)

Raj Commenced business

70,000

 

 

 

 

 

 

=

 

 

70,000

 

 

70,000

 

 

 

 

 

 

=

 

 

70,000

(ii)

Purchased goods on credit

 

 

14,000

 

 

 

 

=

14,000

 

 

 

 

70,000

+

14,000

 

 

 

 

=

14,000

 

70,000

(iii)

Withdraw for Private use

 – 1,700

 

 

 

 

 

 

=

 

 

– 1,700

(Drawings)

 

 

68,300

+

14,000

 

 

 

 

=

14,000

+

68,300

(iv)

Goods purchased for Cash

 – 10,000

+

10,000

 

 

 

 

 

 

 

 

 

 

58,300

+

24,000

 

 

 

 

=

14,000

+

68,300

(v)

Paid Wages

 – 300

 

 

 

 

 

 

=

 

 

– 300

(Expense)

 

 

58,000

+

24,000

 

 

 

 

=

14,000

+

68,000

(vi)

Paid to Creditors

 – 10,000

 

 

 

 

 

 

=

– 10,000

 

 

 

 

48,000

+

24,000

 

 

 

 

=

4,000

+

68,000

(vii)

Sold goods on credit

 

 

– 15,000

+

 

 

15,000

=

 

 

 

 

 

48,000

+

9,000

+

 

 

15,000

=

4,000

+

68,000

(viii)

Sold goods for cash (costing Rs 3,000)

4,000

 

– 3,000

 

 

 

 

 

 

 

1,000

(Profit)

 

 

52,000

+

6,000

+

 

 

15,000

=

4,000

+

69,000

(ix)

Purchased Furniture

 – 500

 

 

 

500

 

 

 

 

 

 

 

 

51,500

+

6,000

+

500

+

15,000

=

4,000

+

69,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet

Liabilities

Amount (Rs)

Assets

Amount (Rs)

Capital

69,000

Cash

51,500

Creditors

4,000

Stock

6,000

 

 

Furniture

500

 

 

Debtors

15,000

 

73,000

 

73,000

 

 

 

 

Page No 5.18:

Answer:

S. No.

Transaction

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Bank

(Rs)

+

Stock

(Rs)

+

Furniture

(Rs)

+

Motor Cycle

(Rs)

=

Creditors

(Rs)

+

Outstanding Rent

(Rs)

 

 

(Rs)

(i)

Commenced business with cash Rs 50,000

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

 

50,000

 

 

 

 

 

 

 

 

=

 

 

 

 

50,000

(ii)

Paid in to bank Rs 10,000

 – 10,000

+

10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,000

+

10,000

 

 

 

 

 

 

=

 

 

 

 

50,000

(iii)

 Purchased goods for Cash Rs 20,000 and Credit Rs 30,000

 –20,000

 

 

+

20,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

 

 

 

 

30,000

 

 

 

 

 

 

20,000

+

10,000

+

50,000

 

 

 

 

=

30,000

 

 

+

50,000

(iv)

Sold goods for Cash Rs 40,000 Costing Rs 30,000

40,000

 

 

 

– 30,000

 

 

 

 

=

 

 

 

 

10,000

(Expense)

 

 

60,000

+

10,000

+

20,000

 

 

 

 

=

30,000

 

 

+

60,000

(v)

Rent paid Rs 500

 – 500

 

 

 

 

 

 

 

 

=

 

 

 

 

– 500

(Expense)

 

 

59,500

+

10,000

+

20,000

 

 

 

 

=

30,000

 

 

+

59,500

(vi)

Rent Outstanding Rs 100

 

 

 

 

 

 

 

 

 

 

 

 

100

+

– 100

(Expense)

 

 

59,500

+

10,000

+

20,000

 

 

 

 

=

30,000

+

100

+

59,400

(vii)

Bought furniture Rs 5,000 on credit

 

 

 

 

 

 

5,000

 

 

=

5,000

 

 

 

 

 

 

59,500

+

10,000

+

20,000

+

5,000

 

 

=

35,000

+

100

+

59,400

(viii)

Bought refrigerator for personal use Rs 5,000

 – 5,000

 

 

 

 

 

 

 

 

=

 

 

 

 

– 5,000

(Drawings)

 

 

54,500

+

10,000

+

20,000

+

5,000

 

 

=

 35,000

+

100

+

54,400

(ix)

Purchased motorcycle for cash

 – 20,000

 

 

 

 

 

 

+

20,000

 

 

 

 

 

 

 

 

 34,500

+

10,000

+

20,000

+

5,000

+

20,000

=

35,000

+

100

+

54,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet

Liabilities

Amount (Rs)

Assets

Amount (Rs)

Capital

54,400

Cash

34,500

Creditors

35,000

Bank

10,000

Rent Outstanding

100

Stock

20,000

 

 

Furniture

5,000

 

 

Motor Cycle

20,000

 

89,500

 

89,500

 

 

 

 



Page No 5.19:

Answer:

S. No.

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

 

Creditors

(Rs)

+

Outstanding

Rent 

(Rs)

 

 

(Rs)

(i)

Started business with Cash Rs 50,000 and goods Rs 30,000

50,000

+

30,000

 

 

 

 

 

80,000

 

 

50,000

+

30,000

=

 

 

 

 

80,000

(ii)

Purchased goods for Cash Rs 30,000 and on credit from Kiran Rs 20,000

 – 30,000

 

30,000

 

 

 

 

 

 

 

 

 

 

20,000

 

20,000

 

 

 

 

 

 

20,000

+

80,000

=

20,000

 

 

+

80,000

(iii)

Goods costing Rs 40,000 were Sold for Rs 55,000

55,000

 

 - 40,000

 

 

 

 

 

15,000

(Profit)

 

 

75,000

+

40,000

=

20,000

 

 

+

95,000

(iv)

Withdrew Cash for personal use Rs 10,000

 – 10,000

 

 

 

 

 

 

 

– 10,000

(Drawings)

 

 

65,000

+

40,000

=

20,000

 

 

+

85,000

(v)

Rent Outstanding Rs 2,000

 

 

 

 

 

 

2,000

 

– 2,000

(Expenses)

 

 

65,000

+

40,000

=

20,000

+

2,000

+

83,000

 

 

 

 

 

 

 

 

 

 

 

Page No 5.19:

Answer:

 

Transactions

Assets

=

Liabilities

+

Capital

Cash

(Rs)

+

Stock

(Rs)

+

Machinery

(Rs)

+

Furniture

(Rs)

+

Debtors

(Rs)

+

Bills Receivable

(Rs)

 

 

 

 

(Rs)

(1)

Started Business with Cash Rs 1,50,000

1,50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,50,000

 

Stock Rs 60,000

 

 

60,000

 

 

 

 

 

 

 

 

 

 

 

60,000

 

Machinery Rs 1,00,000

 

 

 

 

1,00,000

 

 

 

 

 

 

 

 

 

1,00,000

 

Furniture Rs 50,000

 

 

 

 

 

 

50,000

 

 

 

 

 

 

 

50,000

 

 

1,50,000

+

60,000

+

1,00,000

+

50,000

 

 

 

 

=

 

 

3,60,000

(ii)

1/3rd of above goods sold at a profit of 10% on cost, that is, 60,000 × 1/3 = 20,000 × 110% = 22,000 and half of this is received in Cash

11,000

 

(20,000)

 

 

 

 

 

11,000

 

 

 

 

 

2,000

(Profit)

 

 

1,61,000

+

40,000

+

1,00,000

+

50,000

+

11,000

 

 

=

 

 

3,62,000

(iii)

Depreciate Machinery by 10% (1,00,000 × 10%)

 

 

 

 

(10,000)

 

 

 

 

 

 

 

 

 

(10,000)

Expenses

 

 

1,61,000

+

40,000

+

90,000

+

50,000

+

11,000

 

 

=

 

 

3,52,000

(iv)

Cash withdrawn for personal use

(10,000)

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,000)

 

 

1,51,000

+

40,000

+

90,000

+

50,000

+

11,000

 

 

=

 

 

3,42,000

(v)

Interest on Drawings charged @ 5% (10,000 × 5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(500)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500

 

 

1,51,000

+

40,000

+

90,000

+

50,000

+

11,000

 

 

=

 

 

3,42,000

(vi)

Goods Sold to Gupta for Rs 10,000 and received a Bill Receivable for the same amount.

 

 

(10,000)

 

 

 

 

 

 

 

10,000

 

 

 

 

 

 

1,51,000

+

30,000

+

90,000

+

50,000

+

11,000

+

10,000

=

 

 

3,42,000

(vii)

Received Rs 10,000 from Gupta against the Bill Receivable on its maturity.

10,000

 

 

 

 

 

 

 

 

 

(10,000)

 

 

 

 

 

 

1,61,000

+

30,000

+

90,000

+

50,000

+

11,000

+

NIL

=

NIL

+

3,42,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page No 5.19:

Answer:

 

Transactions

Assets

 

Liabilities

+

Capital

Cash

(Rs)

+

Building and Furniture

(Rs)

+

Stock

(Rs)

+

Debtors

(Rs)

 

 

=

Creditors

(Rs)

+

Security Deposits

(Rs)

 

 

(Rs)

(i)

Sunil started business with Cash Rs 1,50,000.

1,50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,50,000

 

 

1,50,000

 

 

 

 

 

 

 

 

=

 

 

 

 

1,50,000

(ii)

Building and Furniture purchased for Rs 1,00,000

– 1,00,000

 

1,00,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

+

1,00,000

 

 

 

 

 

 

 

 

 

 

 

1,50,000

(iii)

Purchased goods from Ram on credit

 

 

 

 

50,000

 

 

 

 

=

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

+

1,00,000

+

50,000

 

 

 

 

=

50,000

 

 

+

1,50,000

(iv)

Paid Cartage Rs 500

 – 500

 

 

 

 

 

 

 

 

 

 

 

 

 

– 500

(Expenses)

 

 

49,500

+

1,00,000

+

50,000

 

 

 

 

=

50,000

 

 

+

1,49,500

(v)

Sold to Shyam on credit goods costing Rs 6,000 for Rs 9,000

 

 

 

 

– 6,000

 

9,000

 

 

 

 

 

 

 

3,000

(Profits)

 

 

49,500

+

1,00,000

+

44,000

+

9,000

 

 

=

50,000

 

 

+

1,52,500

(vi)

Received rent from tenants of Rs 1,000

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

(Incomes)

 

 

50,500

+

1,00,000

+

44,000

+

9,000

 

 

=

50,000

 

 

+

1,53,500

(vii)

Received Security Deposits from tenants of Rs 1,500

  1,500

 

 

 

 

 

 

 

 

 

 

 

1,500

 

 

 

 

52,000

+

1,00,000

+

44,000

+

9,000

 

 

=

50,000

+

1,500

+

1,53,500

(viii)

Purchased Stationery for Cash of Rs 100

 – 100

 

 

 

 

 

 

 

 

 

 

 

 

 

 –100

(Expense)

 

 

51,900

+

1,00,000

+

44,000

+

9,000

 

 

=

50,000

+

1,500

+

1,53,400

(ix)

Invested in Shares (personal) Rs 50,000

 – 50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

– 50,000

(Drawings)

 

 

1,900

+

1,00,000

+

44,000

+

9,000

 

 

=

50,000

+

1,500

+

1,03,400

(x)

Received Interest of Rs 200 in Cash

200

 

 

 

 

 

 

 

 

 

 

 

 

 

200

(Income)