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5.2 Double Entry Book Keeping—CBSE XI

Solved Questions

1. 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 in cash.
(iii) Depreciation on machinery provided @ 10%.

(iv) Cash withdrawn for personal use ` 10,000.
(v) Interest on drawings charged @ 5%.

(vi) Goods sold to Gupta for ` 10,000 and received a cheque for the same amount.
Solution: Refer to Page No. 5.3.

2. 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 ` 25,000 out of cash

(iii) He sold his personal car for ` 50,000 and deposited the amount
in the firm’s Bank Account
(iv) He purchased a building and furniture for 1,00,000

(v) He purchased goods from Ram on credit 50,000
(vi) He paid cartage 500

(vii) He sold to Shyam on credit goods costing ` 6,000 for 9,000
(viii) Received rent from tenants 1,000

(ix) Received security deposit from tenants 1,500
(x) Purchased stationery for cash 100
(xi) Invested in shares (personal) 5,000

(xii) Received interest in cash 200
(xiii) Introduced fresh capital 25,000

(xiv) Goods destroyed by fire 500

Solution: Refer to Page No. 5.4.