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Accounting Equation — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounting Equation6 Marks
Question
Develop an Accounting Equation from the following transactions:
S.no   ₹
(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
(vii) Salary paid 1,000
✓

Answer


Assets = 16,000 + 40,000 + 2,000 = ₹ 58,000
Liabilities = ₹ 7,000
Capital = ₹ 51,000

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