Accounting Equations

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Practice Questions Practice Questions Q1)Give an accounting equation for the Q1)Give an accounting equation for the following transactions. All the following transactions. All the transactions are interrelated: transactions are interrelated: • Commenced business with cash Rs.60000. Commenced business with cash Rs.60000. • Paid rent in advance Rs.500 Paid rent in advance Rs.500 • Purchased goods for cash Rs.30000 & Purchased goods for cash Rs.30000 & credit Rs.20000. credit Rs.20000. • Sold goods for cash Rs.30000 costing Sold goods for cash Rs.30000 costing Rs.20000 Rs.20000 • Paid salary Rs.500 and salary Paid salary Rs.500 and salary outstanding Rs.100 outstanding Rs.100 • Bought motorcycle for Bought motorcycle for personal use personal use Rs.5000 Rs.5000

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Practice questions

Transcript of Accounting Equations

  • Practice QuestionsQ1)Give an accounting equation for the following transactions. All the transactions are interrelated:Commenced business with cash Rs.60000.Paid rent in advance Rs.500Purchased goods for cash Rs.30000 & credit Rs.20000.Sold goods for cash Rs.30000 costing Rs.20000Paid salary Rs.500 and salary outstanding Rs.100Bought motorcycle for personal use Rs.5000

  • Accounting Equation.Q2)Mr.X had the following transactions. Give an accounting equation for the following:Commenced business with cash Rs50000.Purchased Goods for cash Rs.20000 & credit Rs.30000Sold Goods for cash Rs.40000 costing Rs.30000Rent paid Rs.100Rent outstanding Rs.100Bought furniture Rs.5000 on creditBought Refrigerator for personal use Rs.5000Purchased building for cash Rs.20000.

  • Continued.Q3)Use accounting equation to record the following transactions:Invested Rs.15000 in cash.Purchased securities for Rs.7500 in cash.Purchased home for staff for Rs.15000 giving Rs.5000 in cash and the balance through loan.Sold securities costing Rs.1000 for Rs.1500Purchased an old car for Rs.2800 in cash.Received cash as salary Rs.3600Paid Rs.500 for loan and Rs.300 for interest.Paid cash for household expense Rs.300Received cash for dividend on securities Rs.200.


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