[CBSE] Q 12 Accounting Equation TS Grewal Class 11 (2023-24)

Are you looking for the solution of Question number 12 of Accounting Equation chapter TS Grewal class 11 CBSE Board 2023-24?

Raghunath had the following transactions in an accounting year:

(i) Commenced business with cash ₹ 50,000.

(ii) Paid into bank ₹ 10,000.

(iii) Purchased goods for cash ₹ 20,000 and credit ₹ 30,000.

(iv) Sold goods for cash ₹ 40,000 costing ₹ 30,000.

(v) Rent paid ₹ 500.

(vi) Rent outstanding ₹ 100.

(vii) Bought furniture ₹ 5,000 on credit.

(viii) Bought refrigerator for personal use ₹ 5,000.

(ix) Purchased motorcycle for cash ₹ 20,000.

Create an Accounting Equation to show the effect of the above and also show his Balance Sheet.

[Assets: Cash ₹ 34,500 + Bank ₹ 10,000 + Stock ₹ 20,000 + Furniture ₹ 5,000 + Motorcycle ₹ 20,000 = Liabilities: Creditors ₹ 30,000 + Outstanding Rent ₹ 100 + Vendor for Furniture ₹ 5,000 + Capital: ₹ 54,400.]

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