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Manoj's Business Accounting Transactions

The document outlines accounting equations for Class 11 Accountancy, providing a series of transactions for students to analyze. It includes examples from two individuals, Kamlesh and Mahesh, detailing their business activities and financial impacts. Additionally, it presents a comprehensive list of transactions for Manoj, requiring students to demonstrate the effects on the accounting equation.

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Vishal Rangnani
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81 views2 pages

Manoj's Business Accounting Transactions

The document outlines accounting equations for Class 11 Accountancy, providing a series of transactions for students to analyze. It includes examples from two individuals, Kamlesh and Mahesh, detailing their business activities and financial impacts. Additionally, it presents a comprehensive list of transactions for Manoj, requiring students to demonstrate the effects on the accounting equation.

Uploaded by

Vishal Rangnani
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Happy Learning Academy

ACCOUNTING EQUATION
Class 11 - Accountancy
Time Allowed: 1 hour Maximum Marks: 16

1. Prepare accounting equation from the following [4]

[Link]. Transactions Amount (₹)

(i) Kamlesh 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

2. Mahesh has the following transactions, prepare accounting equation: [6]

Amount
[Link]. Particulars
(₹)

(i) Business started with cash 1,75,000

(ii) Purchased goods from Rahul 50,000

(iii) Sales goods on credit to Mahi (costing ₹ 17,500) 20,000

(iv) Purchased furniture for office use 10,000

(v) Cash paid to Rahul in full settlement 48,500

(vi) Cash received from Mahi 20,000

(vii) Rent paid 1,000

(viii) Cash withdrew for personal use 3,000

3. Show the effect of following transaction on the accounting equation [6]

(a) Manoj started business with

(i) Cash 2,30,000

(ii) Goods 1,00,000

(iii) Building 2,00,0000

(b) He purchased goods for cash 50,000

(c) He sold goods(costing ₹ 20,000) 35,000

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(d) He purchased goods from Rahul 55,000

(e) He sold goods to Varun(costing ₹ 52,000) 60,000

(f) He paid cash to Rahul in full settlement 53,000

(g) Salary paid by him 20,000

(h) Received cash from Varun in full settlement 59,000

(i) Rent Outstanding 3,000

(j) Prepaid insurance 2,000

(k) Commission received by him 13,000

(l) Amount withdrawn by him for personal use 20,000

(m) Depreciation charged on Building 10,000

(n) Fresh capital invested 50,000

(o) Purchased goods from Rakhi 10,000

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