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Accounting Eq Class 11 Practice Questions

This document provides several practice questions involving accounting equations based on transactions. Some key questions include: 1) Prepare accounting equations based on transactions including starting a business with cash, purchasing assets and inventory for cash and credit, selling inventory for cash and credit, and paying expenses. 2) Show the effect of transactions on the accounting equation and prepare a balance sheet based on ending balances. 3) Prove the accounting equation is balanced for a series of transactions including starting a business, purchases and sales of assets and inventory, payments and receipts. Prepare a balance sheet. The document aims to help students practice applying the accounting equation to new transactions and ensure balances remain equal through a variety of practice questions and exercises

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Swami Narang
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41K views3 pages

Accounting Eq Class 11 Practice Questions

This document provides several practice questions involving accounting equations based on transactions. Some key questions include: 1) Prepare accounting equations based on transactions including starting a business with cash, purchasing assets and inventory for cash and credit, selling inventory for cash and credit, and paying expenses. 2) Show the effect of transactions on the accounting equation and prepare a balance sheet based on ending balances. 3) Prove the accounting equation is balanced for a series of transactions including starting a business, purchases and sales of assets and inventory, payments and receipts. Prepare a balance sheet. The document aims to help students practice applying the accounting equation to new transactions and ensure balances remain equal through a variety of practice questions and exercises

Uploaded by

Swami Narang
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
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EXEMPLIORE COMMERCE ACADEMY

QUESTIONS FROM D K GOEL .

ACCOUNTING EQUATION -PRACTICE QUESTIONS

1 Prepare Accounting Equation from the following:-


(₹)
1. Sandeep started business with Cash 1,00,000
2. Purchased furniture for cash 5,000
3. Purchased goods for cash 20,000
4. Purchased goods on credit 36,000
5. Paid for rent 700
6. Goods costing ₹ 40,000 sold at a profit of 20% for cash

2 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

3 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
4 Prepare Accounting Equation from the following:
(a) Started business with Cash ₹ 2,00,000.
(b) Purchased goods for Cash ₹ 60,000 and on Credit ₹ 1,50,000.
(c) Sold goods for Cash costing ₹ 40,000 at a profit of 20% and on Credit costing ₹
72,000 at a profit of 25%.
(d) Paid for Rent ₹ 5,000
EXEMPLIORE COMMERCE ACADEMY
5 Prepare Accounting Equation from the following:
(₹)
(a) Kunal started business with cash 2,50,000
(b) He purchased furniture for cash 35,000
(c) He paid commission 2,000
(d) He purchased goods on credit 40,000
(e) He sold goods (Costing ₹ 20,000) for cash 26,000

6 Mohit has the following transactions, prepare Accounting Equation:


(₹)
(a) Business started with cash 1,75,000
(b) Purchased goods from Rohit 50,000
(c) Sold goods on credit to Manish (costing ₹ 17,500) 20,000
(d) Purchased furniture for office use 10,000
(e) Cash paid to Rohit in full settlement 48,500
(f) Cash received from Manish 20,000
(g) Rent paid 1,000
(h) Cash withdrew for personal use 3,000

7 What will be the effect of the following on the Accounting Equation?


(i) Harish started business with cash ₹ 1,80,000.
(ii) Purchased goods for cash ₹ 60,000 and on credit ₹ 30,000.
(iii) Sold goods for cash ₹ 40,000; costing ₹ 24,000.
(iv) Rent paid ₹ 5,000; and rent outstanding ₹ 2,000.
(v) Sold goods on credit ₹ 50,000 (costing ₹ 38,000).
(vi) Salary paid in advance ₹ 3,000.

8 Use Accounting Equation to show the effect of the following transactions of M/s
Royal Traders :Prepare
(₹)
(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) Prepaid insurance 1,000
(f) Received interest 700
(g) Sold goods for cash (costing ₹5,000) 7,000
(h) Goods destroyed by fire 500
EXEMPLIORE COMMERCE ACADEMY
8 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.

9 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 331313%. 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.

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