[CBSE] Q 11 Accounting Equation TS Grewal Class 11 (2023-24)

Are you looking for the solution of Question number 11 of Accounting Equation chapter TS Grewal class 11 CBSE Board 2023-24?

Show the effect of the following transactions and also prepare a Balance Sheet:

(i) Started business with cash ₹ 60,000.

(ii) Rent Received ₹ 2,000.

(iii) Accrued interest ₹ 500.

(iv) Commission Received in advance ₹ 1,000.

(v) Amount withdrawn ₹ 5,000.

[Assets: Cash ₹ 58,000 + Accrued interest ₹ 500 = Liabilities: Commission Received in Advance ₹ 1,000 + Capital: ₹ 57,500.]

[Hint: Capital = Opening Capital ₹ 60,000 + Rent Received ₹ 2,000 + Accrued Interest ₹ 500 – Drawings ₹ 5,000 = ₹ 57,500.]

Solution:-

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