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Accounting Equations Account - Accounting Equations

CBSE - STD 11 Commerce - Account (CBSE - English Medium). 57 questions in this chapter.

Question types

Accounting Equations question types

57 questions across 4 question groups — pick any mix to generate a Account paper with step-by-step answer keys.

57
Questions
4
Question groups
5
Question types
Sample Questions

Accounting Equations questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 63 Marks Question3 Marks
Give one example of each of the following transactions:
  1. Increase in an asset and a liability.
  2. Decrease in an asset and a liability.
  3. Increase in assets and capital.
  4. Decrease in assets and capital.
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Q 73 Marks Question3 Marks
Open 'T' shape account of our creditor 'Raghubir' and write the following transactions on the proper side:
  1. Purchased goods from Raghubir on credit for ₹ 50,000.
  2. Returned goods to Raghubir for ₹ 5,000.
  3. Paid to Raghubir ₹ 30,000.
  4. Purchased goods from Raghubir on credit for ₹ 16,000.
  5. Paid to Raghubir ₹ 20,000.
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Q 83 Marks Question3 Marks
Open 'T' shape account of our Creditor 'X' and write the following transactions on the proper side:
    (₹)
1. Purchased goods from X on Credit 40,000
2. Paid to X 30,000
3. Returned goods to X 6,000
4. Purchased goods from X for Cash 20,000
5. Purchased goods from X on Credit 50,000
6. Paid to X 45,000
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Q 93 Marks Question3 Marks
On which side the increase in the following accounts will be recorded? Also mention the nature of account:
  1. Furniture
  2. Rent Paid
  3. Commission Received
  4. Salary Paid
  5. Proprietor's Account
  6. Debtor
  7. Creditor
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Q 103 Marks Question3 Marks
On which side will the increase in the following accounts be recorded? Also mention the nature of account:
  1. Furniture
  2. Wages paid
  3. Rent Received
  4. Cash
  5. Proprietor's Account
  6. Debtor
  7. Prepaid Insurance
  8. Outstanding Salary.
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Q 114 Marks Question4 Marks
$Y$ started a business on $1^{\text {st }}$ April, $2013$ with a Capital of $₹ 2,00,000$ and a loan of $₹ 75,000$ from the bank. During the year, he had introduced additional capital of $₹\ 60,000$ and had withdrawn $₹\ 36,000$ for personal purposes. On $31^{\text {st }}$ March, $2014$ his assets were ₹ $3,80,000$. Find out his Capital as on $31^{\text {st }}$ March, 2014 and profit earned during the year $2013-14.$
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Q 124 Marks Question4 Marks
From the following transactions, state the nature of accounts and state the accounts which will be debited and credited:
  1. Ganesh started business with Cash ₹ 2,00,000.
  2. Purchased goods for Cash ₹ 60,000.
  3. Sold goods for cash ₹ 75,000.
  4. Purchased goods from Nakul on Credit for ₹ 80,000.
  5. Sold goods to Bhushan on Credit for ₹ 50,000.
  6. Paid Cash to Nakul ₹ 20,000.
  7. Received Cash from Bhushan ₹ 10,000.
  8. Paid salary ₹ 20,000.
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Q 134 Marks Question4 Marks
If in the above case, the proprietor had introduced fresh capital of ₹ $40,000$ and had withdrawn ₹ $10,000$ for personal purposes, calculate his profits.
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Q 144 Marks Question4 Marks
Put the following on the proper side of Cash account, Debtor's account and Creditor's account:
  1. Sold goods for cash ₹ 60,000.
  2. Sold goods to Hari on credit ₹ 20,000.
  3. Purchased goods from Krishan on credit ₹ 36,000.
  4. Purchased goods from Krishan for cash ₹ 10,000.
  5. Cash received from Hari ₹ 15,000.
  6. Cash paid to Krishan ₹ 28,000.
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Q 154 Marks Question4 Marks
Prepare accounting equation from the following:
  1. Started a business with cash ₹ 1,00,000 and goods worth ₹ 20,000.
  2. Sold 50% of above goods at a profit of ₹ 2,000 on credit to Ram.
  3. Rent paid ₹ 5,000.
  4. Ram paid 50% of his balance in cash.
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Q 166 Marks Question6 Marks
Prepare Accounting Equation from the following:
 
 
₹
i.
Kunal started business with Cash
2,50,000
ii.
He purchased furniture for cash
35,000
iii.
He paid commission
2,000
iv.
He purchased goods on credit
40,000
v.
He sold goods (Costing ₹ 20,000) for cash
26,000
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Q 176 Marks Question6 Marks
Prepare 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 for cash.
  4. Withdrew cash for personal use ₹ 10,000.
  5. Rent outstanding ₹ 2,000.
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Q 186 Marks Question6 Marks
Prove that accounting equation is satisfied in all the following cases:
  1. Commenced business with cash ₹ 50,000.
  2. Paid rent ₹ 4,000 including ₹ 1,000 as advance.
  3. Bought goods for cash ₹ 30,000 and on credit ₹ 20,000.
  4. Sold the goods bought on credit for ₹ 25,000.
  5. Purchased furniture worth ₹ 10,000 for office use and for ₹ 5,000 for domestic use.
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Q 196 Marks Question6 Marks
Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances:
 
 
₹
i.
Manu started business with cash
50,000
ii.
Bought furniture for
500
iii.
Purchased goods on credit
4,000
iv.
Sold goods on cash (cost ₹ 500) for
700
v.
Received rent
200
vi.
Purchased goods for cash
1,000
vii. Withdrew for personal use 700
viii. Paid to creditors 400
ix. Paid for salaries 200
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Q 206 Marks Question6 Marks
What will be the effect of the following on the Accounting Equation?
  1. Harish started business with cash ₹ 1,80,000.
  2. Purchased goods for cash ₹ 60,000 and on credit ₹ 30,000.
  3. Sold goods for cash ₹ 40,000; costing ₹ 24,000.
  4. Rent paid ₹ 5,000; and rent outstanding ₹ 2,000.
  5. Sold goods on credit ₹ 50,000 (costing ₹ 38,000).
  6. Salary paid in advance ₹ 3,000.
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