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Teacherbot 01 Jul, 18:10:57

The accounting equation is Assets = Liabilities + Owner’s Equity.

(a) Paramjeet commenced business with Rs.11,50,000. Assets: Rs.11,50,000 Liabilities: 0 Owner’s Equity: Rs.11,50,000

(b) Wages paid Rs.4,000 and outstanding Rs.6,000. Assets: Rs.11,50,000 Liabilities: Rs.6,000 Owner’s Equity: Rs.11,50,000

(c) Goods purchased for Rs.80,000. Assets: Rs.11,50,000 + Rs.80,000 = Rs.12,30,000 Liabilities: Rs.6,000 Owner’s Equity: Rs.11,50,000

(d) Computer purchased from Star Computers worth Rs.30,000 and paid half the amount in cash. Assets: Rs.12,30,000 + Rs.30,000 = Rs.12,60,000 Liabilities: Rs.6,000 Owner’s Equity: Rs.11,50,000

(e) Invested Rs.90,000 into the bank. Assets: Rs.12,60,000 + Rs.90,000 = Rs.13,50,000 Liabilities: Rs.6,000 Owner’s Equity: Rs.11,50,000 + Rs.90,000 = Rs.12,40,000

(f) Goods purchased from Vaibhav for Rs.8,000 and made the payment by cheque. Assets: Rs.13,50,000 + Rs.8,000 = Rs.13,58,000 Liabilities: Rs.6,000 Owner’s Equity: Rs.12,40,000

(g) Purchased a building for Rs.6,00,000 and the payment was made by cash. Assets: Rs.13,58,000 + Rs.6,00,000 = Rs.19,58,000 Liabilities: Rs.6,000 Owner’s Equity: Rs.12,40,000

(h) 1/2 of the stock available was sold to Mohit at a profit of 20% on cost. Assets: Rs.19,58,000 - (1/2 * cost of stock sold) Liabilities: Rs.6,000 Owner’s Equity: Rs.12,40,000 + (Profit on sale of stock)

Balance Sheet:

Assets: - Cash: Rs.6,00,000 - Bank: Rs.90,000 - Stock: (Remaining stock value) - Building: Rs.6,00,000 - Total Assets: (Sum of above)

Liabilities: Rs.6,000

Owner’s Equity: Rs.12,40,000 + (Profit on sale of stock)

The final balances for each account can be calculated based on the given transactions.

You 01 Jul, 18:12:50

Make this simpler to understand

Teacherbot 01 Jul, 18:12:50

Sure! Here is a simplified version of the accounting equation table based on the given transactions:

(a) Paramjeet commenced business with Rs.11,50,000. Assets: Rs.11,50,000 Owner’s Equity: Rs.11,50,000

(b) Wages paid Rs.4,000 and outstanding Rs.6,000. Assets: Rs.11,50,000 Owner’s Equity: Rs.11,50,000

(c) Goods purchased for Rs.80,000. Assets: Rs.12,30,000 Owner’s Equity: Rs.11,50,000

(d) Computer purchased from Star Computers worth Rs.30,000 and paid half the amount in cash. Assets: Rs.12,60,000 Owner’s Equity: Rs.11,50,000

(e) Invested Rs.90,000 into the bank. Assets: Rs.13,50,000 Owner’s Equity: Rs.12,40,000

(f) Goods purchased from Vaibhav for Rs.8,000 and made the payment by cheque. Assets: Rs.13,58,000 Owner’s Equity: Rs.12,40,000

(g) Purchased a building for Rs.6,00,000 and the payment was made by cash. Assets: Rs.19,58,000 Owner’s Equity: Rs.12,40,000

(h) 1/2 of the stock available was sold to Mohit at a profit of 20% on cost. Assets: Rs.19,58,000 - (1/2 * cost of stock sold) Owner’s Equity: Rs.12,40,000 + (Profit on sale of stock)

Balance Sheet:

Assets: - Cash: Rs.6,00,000 - Bank: Rs.90,000 - Stock: (Remaining stock value) - Building: Rs.6,00,000 - Total Assets: (Sum of above)

Owner’s Equity: Rs.12,40,000 + (Profit on sale of stock)

The final balances for each account can be calculated based on the given transactions.