2. (A). Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances:
₹ | ||
---|---|---|
(i) | Manu started business with cash | 50,000 |
(ii) | Bought furniture for | 500 |
(iii) | Purchased goods on credit | 4,000 |
(iv) | Sold goods on cash (cost ₹500) for | 700 |
(v) | Received rent | 200 |
(vi) | Purchased goods for cash | 1000 |
(vii) | Withdrew for personal use | 700 |
(viii) | Paid to creditors | 400 |
(ix) | Paid for salaries | 200 |
(B). Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Also prepare a Balance Sheet
1 | Started business with Cash ₹1,20,000. |
2 | Purchased a typewriter for Cash for ₹8,000 for office use. |
3 | Purchased goods for ₹50,000 for cash. |
4 | Purchased goods for ₹40,000 on credit. |
5 | Goods costing ₹60,000 sold for ₹80,000 on credit. |
6 | Paid for Rent ₹1,500 and for salaries ₹2,000. |
7 | Received ₹800 for Commission. |
8 | Withdrew for private use ₹5,000 in cash. |
D.K.Goel/2024 Edition/Practical Questions/Q-02
For full question, please refer to the text book Accountancy Class-XI by Mr. D.K.Goel published by Avichal Publishing Company