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Account 6 Marks Question

Accounting Equations · CBSE STD 11 Commerce (CBSE - English Medium). 15 questions.

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6 Marks Question

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15 questions · timed · auto-graded

Question 16 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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Question 26 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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Question 36 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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Question 46 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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Question 56 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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Question 66 Marks
Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Also prepare a Balance Sheet:
  1. Started business with Cash ₹ 1,20,000.
  2. Purchased a typewriter for Cash for ₹ 8,000 for office use.
  3. Purchased goods for ₹ 50,000 for cash.
  4. Purchased goods for ₹ 40,000 on credit.
  5. Goods costing ₹ 60,000 sold for ₹ 80,000 on credit.
  6. Paid for Rent ₹ 1,500 and for salaries ₹ 2,000.
  7. Received ₹ 800 for Commission.
  8. Withdrew for private use ₹ 5,000 in cash.
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Question 76 Marks
Prepare Accounting Equation from the following:
  1. Started business with cash ₹ 75,000 and goods ₹ 25,000.
  2. Paid for Rent ₹ 2,000.
  3. Bought goods for cash ₹ 30,000 and on credit for ₹ 44,000.
  4. Goods costing ₹ 50,000 sold at a profit of 25%, out of which ₹ 27,500 received in Cash.
  5. Purchased a Motor-cycle for personal use ₹ 20,000.
Answer

Working Note:
Calculation of Selling Price
Cost of Goods Sold = 50,000
Add: Profit 25% of ₹ 50,000 = 12,500
Selling Price = $\overline{62,500}$
Less: Cash Received = 27,500
Credit Sales = $\overline{35,000}$
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Question 86 Marks
Show the accounting equation on the basis of the following transactions and present a Balance Sheet of the last new equation balance:
    (₹)
i. Mohan commenced business with 70,000
ii. Purchased goods on Credit 14,000
iii. Withdrew for private use 1,700
iv. Purchased goods for Cash 10,000
v. Paid wages 300
vi. Paid to Creditors 10,000
vii. Sold goods on Credit at par 15,000
viii. Sold goods for Cash (cost price was ₹ 3,000) 4,000
ix. Purchased furniture for cash 500
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Question 96 Marks
Prepare Accounting Equation from the following:
 
 
₹
i.
Sandeep started business with Cash
1,00,000
ii.
Purchased furniture for cash
5,000
iii.
Purchased goods for cash
20,000
iv.
Purchased goods on credit
36,000
v.
Paid for rent
700
vi.
Goods costing ₹ 40,000 sold at a profit of 20% for cash
 
Answer

Working Note:
Calculation of Sale Price
Cost of goods sold
=
40,000
Add: Profit 20% of ₹ 40,000
=
8,000
$\therefore$ Selling price
=
$\overline{48,000}$
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Question 106 Marks
Use Accounting Equation to show the effect of the following transactions of M/s Royal Traders:
 
 
(₹)
(a)
Started Business with Cash
1,20,000
(b)
Purchased goods for cash
10,000
(c)
Rent received
5,000
(d)
Salary outstanding
2,000
(e)
Received interest
700
(f)
Sold goods for cash (costing ₹ 5,000)
7,000
(g)
Goods destroyed by fire
500
Answer
Solution is as follows.
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Question 116 Marks
Mohit has the following transactions, prepare Accounting Equation:
 
 
₹
i.
Business started with cash
1,75,000
ii.
Purchased goods from Rohit
50,000
iii.
Sold goods on credit to Manish (costing ₹ 17,500)
20,000
iv.
Purchased furniture for office use
10,000
v.
Cash paid to Rohit in full settlement
48,500
vi. Cash received from Manish 20,000
vii. Rent paid 1,000
viii. Cash withdrew for personal use 3,000
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Question 126 Marks
Prepare Accounting Equation from the following and also prepare a Balance Sheet:
  1. Raghu started business with Cash ₹ 1,50,000.
  2. Bought goods for cash ₹ 80,000 and on credit for ₹ 40,000.
  3. Goods costing ₹ 75,000 sold at a profit of $33\frac{1}{3}\%.$ Half the payment received in cash.
  4. Goods costing ₹ 10,000 sold for ₹ 12,000 on credit.
  5. Paid for Rent ₹ 2,000 and for salaries ₹ 4,000.
  6. Goods costing ₹ 20,000 sold for ₹ 18,500 for Cash.
Answer

Working Note:
Calculation of Selling Price
Cost of Goods Sold = 75,000
Add: Profit $33\frac{1}{3}\%$ of ₹ 75,000 = 25,000
Selling Price = $\overline{1,00,000}$
Less: Cash Received (50%) = 50,000
Credit Sales = $\overline{50,000}$

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Question 136 Marks
Show the accounting equation on the basis of the following transactions and also show the Balance Sheet:
  1. Started business with Cash ₹ 60,000 and Goods ₹ 30,000.
  2. Purchased goods for Cash ₹ 40,000 and on Credit ₹ 25,000.
  3. Goods costing ₹ 48,000 sold at a profit of $33\frac{1}{3}\%.$ Three-fourth payment received in Cash.
  4. Goods costing ₹ 20,000 sold at a loss of 5%, out of which ₹ 12,000 received in Cash.
  5. Paid Rent ₹ 4,000 and Salary ₹ 6,000.
  6. Received Cash from Debtors ₹ 15,000.
  7. Paid telephone bill amounting to ₹ 800.
Answer

Working Note:
  1. Calculation of Selling Price.
Cost of Goods Sold = 48,000
Add: Profit $33\frac{1}{3}\%$ of ₹ 48,000 = 4,000
$\therefore$ Selling Price = $\underline{{\overline{64,000}}}$
Cash Sales $=64,000\times\frac{3}{4}$ = 48,000
Credit Sales $=64,000\times\frac{1}{4}$ = 16,000
  1. Calculation of Selling Price.
Cost of Goods Sold = 20,000
Less: Loss of 5% on ₹ 20,000 = 1,000
$\therefore$ Selling Price = $\overline{19,000}$
Cash Received = 12,000
Hence, Credit Sales = $\overline{7,000}$

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Question 146 Marks
Show the accounting equation on the basis of following transactions:
  1. Commenced business with Cash ₹ 20,000; Goods ₹ 50,000 and Furniture ₹ 30,000.
  2. Purchased goods from Gopal on Credit ₹ 40,000.
  3. Sold goods for Cash ₹ 40,000 (costing ₹ 30,000).
  4. Sold goods to Ram on Credit ₹ 65,000 (costing ₹ 50,000).
  5. Withdrew for personal use goods costing ₹ 5,000.
  6. Purchased typewriter for personal use of the proprietor ₹ 20,000.
  7. Purchased chairs for office use for Cash ₹ 10,000.
  8. Paid for printing ₹ 500 and received Commission ₹ 1,200.
  9. Introduced fresh Capital ₹ 40,000.
  10. Paid to Gopal ₹ 30,000.
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Question 156 Marks
Prove that the accounting equation is satisfied in the following transactions:
    (₹)
i. Brij Mohan commenced business with Cash 1,00,000
ii. Bought goods for Cash 60,000
iii. $\frac{1}{3}\text{rd}$ of the above goods sold at a profit of 20% on cost. Half the payment recieved in Cash  
iv. Purchased typewritter for office use 15,000
v. Purchased goods on Credit from X 25,000
vi. Paid to X 15,000
vii. Paid Salary 3,000
viii. Received commission 500
ix. Sold goods for Cash (Cost ₹ 50,000) 60,000
Answer

Working Note:
Calculation of Selling Price
Cost of Goods Sold $=60,000\times\frac{1}{3}$ = 20,000
Add: Profit 20% of ₹ 20,000 = 4,000
$\therefore$ Sales = $\overline{24,000}$
Cash Sales (50%) = 12,000
$\therefore$ Credit Sales = 12,000
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