Class: 11 || Subject: Principles of Accounting-I
Chapter-3 Accounting Equation
- You are provided the following information: [2]
i. Kamal started business with Rs. 20,000.
ii. Outstanding salary is Rs. 2,000.
iii. Sold goods costing Rs. 3,500 to Kiran at Rs. 3,000.
iv. Paid rent Rs. 2,000.
Required: Accounting equation
Ans: Assets Rs. 17,500; Capital Rs. 15,500; Liabilities Rs. 2,000
- The following transactions are given: [2]
i. Started business with Rs. 1,00,000 cash and goods Rs. 1,00,000.’
ii. Goods worth Rs. 3,000 were lost by theft. The insurance company admitted the claim in full.
iii. Purchased furniture of Rs. 50,000 at 10%
iv. Interest received Rs. 5,000.
Required: Accounting Equation
Ans: Assets Rs 2,10,000; Capital Rs. 2,10,000; Liabilities 0
- Following transactions are given: [2]
i. Started business with cash Rs. 1,00,000 Bank Rs. 3,00,000 and Furniture Rs. 50,000.
ii. Purchased goods worth Rs. 1,00,000 from A & B suppliers.
iii. Sold goods worth Rs. 50,000 in cash.
iv. Paid wages Rs. 12,000, Rs. 10,000 by cheque & Rs. 2,000 by cash.
Required: Accounting Equation
Ans: Assets Rs. 5,38,000; Capital Rs. 4,38,0000; Liabilities Rs. 1,00,000
Related Articles
Principles of Accounting-I Class 11
Economics Chapter 4-7 Class 11
Chapter-4 Book of Original Entry- Journal and Ledgers
Theoretical Questions
- Mention three rules for ‘Debiting’ and ‘Crediting’ the accounting transactions under traditional approach. [2]
Numerical Problems
- Transactions relating to purchases and sales of goods are given below: [4]
i. Goods purchased from Harry Rs. 40,000.
ii. Goods returned to Harry Rs. 5,000.
iii. Goods costing Rs. 10,000 sold to Ram for Rs. 12,000.
iv. Cash paid to Harry Rs. 33,000 in full settlement of his account.
Required: a. Journal Entries b. Harry’s Account
Ans: b. Balance Rs. 40,000
- Following transactions are given: [4]
i. Purchased goods worth Rs. 2,00,000 from Pant.
ii. Goods worth Rs. 6,000 returned to Pant.
iii. Purchased further goods worth Rs. 50,000 from Pant.
iv. Paid Rs. 2,40,000 to Pant in full settlement of Rs. 2,44,000.
Required: a. Journal Entries b. Pant’s Account
Ans: b. Balance Rs. 2,50,000
- Following transactions are given: [2+2]
i. Sold goods to M Centre for Rs. 1,40,000.
ii. Received goods returned from M Centre of Rs. 5,000.
iii. Sold goods further to M Centre for Rs. 45,000.
iv. Received a cheque of Rs. 1,78,000 from M Centre in full settlement of Rs. 1,80,000.
Required: a. Journal Entry b. M Centre’s Account
Ans: b. Balance 1,85,000
- Following transactions are given: [4]
2069 Magh 1: Started business with cas Rs. 5,00,000.
2069 Magh 3: Deposited into bank of Rs. 1,50,000.
2069 Magh 5: Goods purchased from Pradahn of credit of Rs. 50,000.
2069 Magh 7: Goods sold to Shrestha on credit of Rs. 25,000.
2069 Magh 12: Pradhan’s account was settled by paying cash of Rs. 49,000.
2069 Magh 15: Shrestha has settled his account by paying cash of Rs. 24,500.
Required: Journal Entries
- Following transactions are give:
Jestha 1, 2071 : Commencement of business with Rs. 5,00,000.
Jestha 5 2071 : Purchased goods from Khanal stores Rs. 1,00,000.
Jestha 10 2071 : Sold goods on cash Rs. 50,000.
Jestha 15 2071 : Payment made to Khanal stores Rs. 95,000 and received discount Rs. 5,000.
Required: a. Journal Entries b. Khanal store account
Chirish Chaudhary