Accounting Equation Questions And Answers Pdf Class 11

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Short Answer Question:. It shows the accuracy of recording of a financial transaction.

Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and interpret financial accounts. These Question with solution are prepared by our team of expert teachers who are teaching grade in CBSE schools for years.

DK Goel Solutions Class 11 Accountancy Accounting Equations

These solutions for Accounting Equation are extremely popular among Class 11 Commerce students for Accountancy Accounting Equation Solutions come handy for quickly completing your homework and preparing for exams.

Prepare Accounting Equation from the following Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances:. Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Prepare Accounting Equation from the following:. Mohit has the following transactions, prepare Accounting Equation:. What will be the effect of the following on the Accounting Equation? Prepare Accounting Equation from the following and also prepare a Balance Sheet:- 1.

Half the payment received in cash. Find out his closing capital and profits earned during the year. Calculate his closing capital and profits earned during the year.

Give one example of each of the following transactions: i Increase in an asset and a liability. Effect of Transaction Example i Increase in an asset and a liability Goods purchased on credit ii Decrease in an asset and a liability Cash paid to creditors iii Increase in assets and capital Additional capital brought in by the proprietor iv Decrease in assets and capital Salary paid in Cash.

On which side the increase in the following accounts will be recorded? Furniture 5. Proprietor's Account 2. Rent Paid 6. Debtor 3. Commission Received 7. Creditor 4. Salary Paid. Accounts Increase Recorded at Side Nature 1. Furniture Debit Asset 2. Rent Paid Debit Expense 3. Commission Received Credit Income 4. Salary Paid Debit Expense 5. Debtor Debit Asset 7. Creditor Credit Liability. On which side the decrease in the following accounts will be recorded?

Cash 4. Outstanding Rent 2. Bank Overdraft 5. Prepaid Insurance 3. Manoj, Proprietor of the business. Accounts Decrease Recorded at Side Nature 1. Cash Credit Asset 2. Bank Overdraft Debit Liability 3. Rent Paid Credit Expense 4. Outstanding Rent Debit Liability 5. Prepaid Insurance Credit Asset 6.

Manoj, Proprietor of the business Debit Capital. From the following transactions, state the nature of accounts and state the accounts which will be debited and credited: 1.

Nature of Account. Open 'T' shape account for Machinery and write the following on the proper side:. As we know, Machinery Account is an asset, so, increase in machinery will be recorded on the debit side while decrease in machinery will be recorded on the credit side of the Machinery Account. Machinery Account Dr. Machinery purchased for 5,00, 2. Machinery sold 1,20, 4. New Machinery purchased 2,00, 3. Raghubir is a creditor, which means, it is a liability for the business.

As we know, increase in liability is recorded on the credit side while decrease in liability will be shown on the debit side of the concerned liability account. Raghubir Account Creditors Dr. Returned goods to Raghubir 5, 1. Purchased goods on credit from Raghubir 50, 3. Paid to Raghubir 30, 4. Purchased goods on credit from Raghubir 16, 5. Increase in Cash being an asset will be shown on the debit side and decrease in cash will be recorded on the credit side of the Cash Account.

Cash Account. Record increase in Cash on this side-. Record decrease in Cash on this side-. Increase in Debtors being an asset will be shown on the debit side and decrease in them will be recorded on the credit side of the Debtors Account. Increase in Creditors being a liability will be shown on the credit side and decrease in the creditors will be recorded on the debit side of the Creditors Account. From the following transactions prepare the Proprietor's Account in 'T' shape: Show the accounting equation on the basis of the following transactions and present a Balance Sheet of the last new equation balance:.

Page No 6. Sandeep started business with Cash 1,00, 2. Purchased furniture for cash 5, 3. Purchased goods for cash 20, 4. Purchased goods on credit 36, 5. Paid for rent 6. Question 2 B : Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram.

Question 6: What will be the effect of the following on the Accounting Equation? Half amount was received in cash. Question Give one example of each of the following transactions: i Increase in an asset and a liability. Answer: Effect of Transaction Example i Increase in an asset and a liability Goods purchased on credit ii Decrease in an asset and a liability Cash paid to creditors iii Increase in assets and capital Additional capital brought in by the proprietor iv Decrease in assets and capital Salary paid in Cash.

Question On which side the increase in the following accounts will be recorded? Question On which side the decrease in the following accounts will be recorded? Question From the following transactions, state the nature of accounts and state the accounts which will be debited and credited: 1. Machinery sold 1,20, 3. Machinery discarded 50, 4. New Machinery purchased 2,00, 5. Machinery destroyed 40, Answer: As we know, Machinery Account is an asset, so, increase in machinery will be recorded on the debit side while decrease in machinery will be recorded on the credit side of the Machinery Account.

Answer: Raghubir is a creditor, which means, it is a liability for the business. Answer: Increase in Cash being an asset will be shown on the debit side and decrease in cash will be recorded on the credit side of the Cash Account. Sandeep started business with Cash. Purchased furniture for cash. Purchased goods for cash. Purchased goods on credit. Paid for rent. Sandeep started business with cash. Rent paid. Manu started business with cash.

Bought furniture for. Received rent. Withdrew for personal use. Paid to creditors. Paid for salaries. Purchased Furniture.

Recording of Transactions – I Class 11 Accountancy Extra Questions

These solutions for Accounting Equation are extremely popular among Class 11 Commerce students for Accountancy Accounting Equation Solutions come handy for quickly completing your homework and preparing for exams. Prepare Accounting Equation from the following Show the Accounting Equation on the basis of the following and present a balance sheet on the last new equation balances:. Prove that the Accounting Equation is satisfied in all the following transactions of Rajaram. Prepare Accounting Equation from the following:.

Your email address will not be published. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. Skip to content. Which of the following statements is incorrect? Only one Only two Two or more All of given options Which of the following is not a correct form of the Accounting Equation?

The relationship of different assets, capital and liabilities of the business expressed in an equation form is called the accounting equation. In other words, accounting equation is the foundation of double entry accounting. It expresses the relationship between what is owned by an entity. Accounting equation shows that all assets are either financed by borrowing a loan or paying with the loan of the company's shareholders. Therefore, accounting equation shows the relationship between the elements of accounting.

Free Online MCQs for Class – 11 Accountancy Chapter-6 Accounting Equation

Students can download these worksheets and practice them. This will help them to get better marks in examinations. Also refer to other worksheets for the same chapter and other subjects too. Use them for better understanding of the subjects.

Started business with. Manoj started business with. Purchased furniture from R. Cash Paid to R. Analyse the above stated transactions and open the following T-accounts: Cash, client, office supplies, motor car, building, land, long term payables, capital, withdrawals, salary, expense and utilities expense.

Стратмор и его высокопоставленные посетители попадали в шифровалку и уходили незаметно для остальных сотрудников. Лифт спускался на пятьдесят ярдов вниз и затем двигался вбок по укрепленному туннелю еще сто девять ярдов в подземное помещение основного комплекса агентства. Лифт, соединяющий шифровалку с основным зданием, получал питание из главного комплекса, и оно действовало, несмотря на отключение питания шифровалки.

В то прохладное осеннее утро у него был перерыв в занятиях, и после ежедневной утренней пробежки он вернулся в свою трехкомнатную университетскую квартиру. Войдя, Дэвид увидел мигающую лампочку автоответчика. Слушая сообщение, он выпил почти целый пакет апельсинового сока.

 Я не собираюсь его беспокоить, - сказала Мидж, протягивая ему трубку.  - Это сделаешь. ГЛАВА 48 - Что? - воскликнула Мидж, не веря своим ушам.  - Стратмор говорит, что у нас неверные данные. Бринкерхофф кивнул и положил трубку.

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    Prepare an Accounting Equation from the following: (i) Started business with cash ₹ 1,00, (ii) Purchased goods for cash ₹ 20, and on credit ₹ 30, (iii) Sold goods for cash costing ₹ 10, and on credit costing ₹ 15, both at a profit of 20%.

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    These represent the resources owned and controlled by the company, An asset is a resource that carries financial value utilised to get the future benefit.

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