Page 44 - ISCDEBK-XI

6.10 Double Entry Book Keeping—ISC XI

BALANCE SHEET
as at ...
Liabilities ` Assets `
Unearned Commission 10,000 Cash 4,48,000
Bills Payable 15,000 Stock 91,000
Outstanding Expenses 2,000 Debtors 5,000
Loan 1,35,000 Prepaid Expenses 12,000
Capital 4,08,000 Accrued Interest 5,000
Furniture 9,000
5,70,000 5,70,000

Unsolved Questions

1. Raghunath had the following transactons 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 ` 40,000 costing ` 30,000.
(v) Rent paid 500
(vi) Rent outstanding 100
(vii) Bought furniture on credit 5,000
(viii) Bought refrigerator for personal use 5,000
(ix) Purchased motorcycle for cash 20,000
Create an Accounting Equation to show the effect of the above transactions on his assets, liabilities and
capital and also show his Balance Sheet.
2. Show an Accounting Equation on the basis of the following transactions: `
(i) Sunil started business with cash 1,50,000
(ii) He purchased a building and furniture for 1,00,000
(iii) He purchased goods from Ram on credit 50,000
(iv) He paid cartage 500
(v) He sold to Shyam on credit goods costing ` 6,000 for 9,000
(vi) Received rent from tenants 1,000
(vii) Received security deposit from tenants 1,500
(viii) Purchased stationery for cash 100
(ix) Invested in shares (personal) 50,000
(x) Received interest in cash 200
(xi) Introduced fresh capital 25,000
(xii) Goods destroyed by fire 500
3. Create an Accounting Equation on the basis of the following transactions:
(i) Commenced business with cash ` 50,000, goods ` 30,000 and furniture ` 20,000.
(ii) Sold goods to Ajay on credit costing ` 4,000 for ` 5,000.
(iii) Sold goods for cash costing ` 12,000 for ` 16,000.
(iv) Purchased goods for cash ` 40,000.