1. What will be effect of the following on the Accounting Equation? ₹ (i) Started business with cash 45,000 (ii) Opened a Bank Account with a deposit of 4,500 (iii) Bought goods from M/s. Sun & Co. for 11,200   T.S.Grewal/2024 Edition/Practical Problems/Q-01 For full question, please refer to the...

2. Show the Accounting Equation for the following transactions:  ₹ (i) Gopinath started business with cash 25,000 (ii) Purchased goods from Shyam 10,000 (iii) Sold goods to Sohan costing ₹1,800 1,500 (iv) Gopinath withdrew from business 5,000   T.S.Grewal/2024 Edition/Practical Problems/Q-02 For full question, please refer to the text book...

3. Prepare an Accounting Equation and Balance Sheet on the following basis:  ₹ (i) Gurman started business with cash 20,000 (ii) He purchased furniture for 2,000 (iii) He paid rent of 200 (iv) He purchased goods on credit 3,000 (v) He sold goods (cost price ₹2,000) in cash for 5,000...

4. Prepare Accounting Equation from the following: ₹ (i) Started business with cash ₹1,00,000 and Goods 20,000 (ii) Sold goods worth ₹10,000 for cash 12,000 (iii) Purchased furniture on credit for 30,000   T.S.Grewal/2024 Edition/Practical Problems/Q-04 For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial...

5. Develop an Accounting Equation from the following transactions: ₹ (i) Mohan commenced business with cash 50,000 (ii) Purchased goods for cash 30,000 (iii) Purchased goods on credit 20,000 (iv) Sold goods (costing ₹ 10,000) for 12,000 (v) Bought furniture on credit 2,000 (vi) Paid cash to a creditor 15,000...

6. Prepare an Accounting Equation on the basis of the following transactions: ₹ (i) Started business with cash 70,000 (ii) Credit purchase of goods 18,000 (iii) Payment made to creditors in full settlement 17,500 (iv) Purchase of machinery for cash 20,000 (v) Depreciation on machinery 2,000   T.S.Grewal/2024 Edition/Practical Problems/Q-06...

7. Show the effect of the following transactions on the Accounting Equation: ₹ (i) Started business with cash 50,000 (ii) Salaries paid 2,000 (iii) Wages outstanding 200 (iv) Interest due but not paid 100 (v) Rent paid in advance 150   T.S.Grewal/2024 Edition/Practical Problems/Q-07 For full question, please refer to...

8. What will be the effect of the following on the Accounting Equation? (i) Harish started business with cash ₹ 18,000 (ii) Purchased goods for cash ₹5,000 and on credit ₹2,000 (iii) Sold goods for cash ₹4,000 (costing ₹ 2,400) (iv) Rent paid ₹1,000 and rent outstanding ₹200   T.S.Grewal/2024...

9. 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) Sold goods for cash (costing ₹5,000) 7,000 (f) Goods destroyed by fire 500 (KVS)   T.S.Grewal/2024...

10. Prove that the Accounting Equation is satisfied in all the following transactions of Suresh.  Also prepare a Balance Sheet. ₹ (i) Commenced business with cash 60,000 (ii) Paid rent in advance 500 (iii) Purchased goods for cash ₹30,000 and credit 20,000 (iv) Sold goods for cash ₹30,000 costing 20,000...

11. Show the effect of the following transactions and also prepare a Balance Sheet: ₹ (i) Started business with cash 60,000 (ii) Rent received 2,000 (iii) Accrued interest 500 (iv) Commission received in advance 1,000 (v) Amount withdrawn 5,000   T.S.Grewal/2024 Edition/Practical Problems/Q-11 For full question, please refer to the...

12. Raghunath had the following transactions in an accounting year: ₹ (i) Commenced business with cash 50,000 (ii) Paid into bank 10,000 (iii) Purchased goods for cash ₹20,000 and credit 30,000 (iv) Sold goods for cash costing ₹30,000 for 40,000 (v) Rent paid 500 (vi) Rent outstanding 100 (vii) Bought...

13. Prepare an Accounting Equation from the following: (i) Started business with cash ₹50,000 and goods ₹30,000. (ii) Purchased goods for cash ₹30,000 and on credit from Karan ₹20,000. (iii) Goods costing ₹40,000 were sold for ₹55,000. (iv) Withdrew cash for personal use ₹10,000. (v) Rent outstanding ₹2,000. (MSE Chandigarh)...

14. Prepare an Accounting Equation from the following: (a) Started business with cash ₹1,00,000. (b) Purchased 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%. (d) Paid salaries ₹8,000. (Delhi)   T.S.Grewal/2024...

15. Show an Accounting Equation for the following transactions: (i) D. Mahapatra commenced business with cash ₹50,000 and ₹1,00,000 by cheque; goods ₹ 60,000; machinery ₹1,00,000 and furniture ₹50,000. (ii) 1/3rd of the above goods sold at a profit of 10% on cost and half of the payment is received...

16. Show an Accounting Equation on the basis of the following transactions: ₹ (i) Sunil started business with cash 1,50,000 (ii) Opened a Bank Account by depositing cash 25,000 (iii) He sold his personal car and deposited the amount in the firm’s Bank Account 50,000 (iv) He purchased a building...

17. If the capital of a business is ₹3,00,000 and liabilities are ₹50,000, loss ₹70,000, calculate the total assets of the business.   T.S.Grewal/2024 Edition/Practical Problems/Q-17 For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand...

18. If total assets of a business are ₹1,30,000 and net worth is ₹80,000, calculate the creditors.   T.S.Grewal/2024 Edition/Practical Problems/Q-18 For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd. Answer...

19. A commenced his cloth business on 1st April, 2023 with a capital of ₹30,000.  On 31st March 2024, his assets were worth ₹50,000 and liabilities of ₹10,000. Find his closing capital and profits earned during the year.    T.S.Grewal/2024 Edition/Practical Problems/Q-19 For full question, please refer to the text...

20. Calculate the total assets if: (i) Capital is ₹40,000. (ii) Creditors are ₹25,000. (iii) Revenue during the period is ₹50,000. (iv) Expenses during the period are ₹40,000. (Delhi)   T.S.Grewal/2024 Edition/Practical Problems/Q-20 For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for...

21. (a) Gurman had a capital of ₹75,000 on 1st April, 2023. He had also goods amounting to ₹15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.  (b) He incurred loss of ₹1,700. He...

22. (a) Mohan started a business on 1st April, 2023 with a capital of ₹ 10,000 and borrowed ₹3,000 from a friend. He earned a profit of ₹5,000 during the year ended 31st March, 2024 and withdrew cash ₹4,000 for personal use. What is his capital on 31st March, 2024? ...

23. On 31st March, 2024, total assets and external liabilities were  ₹2,00,000 and ₹6,000 respectively. During the year, the proprietor had introduced capital of ₹20,000 and withdrawn ₹12,000 for personal use. He earned a profit of ₹ 20,000 during the year.  Calculate the capital as on lst April, 2023.  ...

24. Mohan started a business on lst April, 2023 with a capital of ₹25,000 and a loan of ₹12,500 borrowed from Shyam. During 2023-24, he had introduced additional capital of  ₹12,500 and had withdrawn ₹7,500 for personal use. On 31lst March, 2024, his assets were ₹75,000. Find his capital as...

25. Calculate the amount of External Equities as on 31st March, 2024 in the following cases:   (i) On 31st March, 2024, total assets and capital were ₹15,00,000 and ₹10,50,000 respectively.  (ii) On 1st April, 2023, Mukesh started business with a capital of ₹3,00,000 and a loan of ₹3,00,000 borrowed from...

26. Pranav started business on 1st April, 2023 with capital of ₹5,50,000. On 3lst March, 2024, his total assets were ₹10,75,000 and liabilities were ₹2,92,500. Calculate the amount by which his capital has increased as on 31st March, 2024.    T.S.Grewal/2024 Edition/Practical Problems/Q-26 For full question, please refer to the...