Account 6 Marks Question

Prepare an Accounting Equation from the following:

1. Started business with cash ₹ 50,000 and goods ₹ 30,000.
2. Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.
3. Goods costing ₹ 40,000 were sold for ₹ 55,000.
4. Withdrew cash for personal use ₹ 10,000.
5. Rent outstanding ₹ 2,000.

Show the effect of the following transactions and also prepare a Balance Sheet:

1. Started business with cash ₹ 60,000.
2. Rent received ₹ 2,000.
3. Accrued interest ₹ 500.
4. Commission received in advance ₹ 1,000.
5. Amount withdrawn ₹ 5,000.

[Hint: Capital = Opening Capital ₹ 60,000 + Rent Received ₹ 2,000 + Accrued Interest ₹ 500 - Drawings ₹ 5,000 = ₹ 57,500.]

Prepare an Accounting Equation on the basis of the following transaction:

1. Started business with cash ₹ 70,000.
2. Credit purchase of goods ₹ 18,000.
3. Payment made to creditors in full settlement ₹ 17,500.
4. Purchase of machinery for cash ₹ 20,000.
5. Depreciation on machinery ₹ 2,000.

Complete the following Accounting Equation by filling the missing amounts:

Prepare an Accounting Equation and Balance Sheet on the following basis:

1. Ajeet started business with cash ₹ 20,000.
2. He purchased furniture for ₹ 2,000.
3. He paid rent of ₹ 200.
4. He purchase goods on credit ₹ 3,000.
5. He sold goods (cost price ₹ 2,000) for ₹ 5,000 on cash.

Complete the following Accounting Equation by filling the missing ammount:

Show the effect of the following transactions on the Accounting Equation:

1. Started business with cash ₹ 50,000.
2. Salaries paid ₹ 2,000.
3. Wages Outstanding ₹ 200.
4. Interest due but not paid ₹ 100.
5. Rent paid in advance ₹ 150.

Prove that the Accounting Equation is satisfied in all the following transactions of Suresh. Also prepare a Balance Sheet.

1. Commenced business with cash ₹ 60,000.
2. Paid rent in advance ₹ 500.
3. Purchased goods for cash ₹ 30,000 and credit ₹ 20,000.
4. Sold goods for cash ₹ 30,000 costing ₹ 20,000.
5. Paid salary ₹ 500 and salary outstanding being ₹ 100.
6. Bought motorcycle for personal use ₹ 5,000

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

Complete the following Accounting Equation by filling the missing amounts:

Prove that the Accounting Equation is satisfied in all the following transactions of Sameer Goel:

1. Started business with cash ₹ 10,000.
2. Paid rent in advance ₹ 300.
3. Purchased goods for cash ₹ 5,000 and credit ₹ 2,000.
4. Sold goods for cash ₹ 8,000 costing ₹ 4,000.
5. Paid salary ₹ 450 and salary outstanding being ₹ 100.
6. Bought motorcycle for personal use ₹ 3,000.

Show an Accounting Equation on the basis of the following transactions:

S.no		₹
(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)	50,000
(xii)	Received interest in cash	200
(xiii)	Introduced fresh capital	25,000
(xiv)	Goods destroyed by fire	500

Raghunath had the following transactions in an accounting year:

1. Commenced business with cash ₹ 50,000.
2. Paid into bank ₹ 10,000.
3. Purchased goods for cash ₹ 20,000 and credit ₹ 30,000.
4. Sold goods for cash ₹ 40,000 costing ₹ 30,000.
5. Rent paid ₹ 500.
6. Rent outstanding ₹ 100.
7. Bought furniture ₹ 5,000 on credit.
8. Bought refrigerator for personal use ₹ 5,000.
9. Purchased motorcycle for cash ₹ 20,000.

Create an Accounting Equation to show the effect of the above and also show his Balance Sheet.