CBSE Class 11-commerce Answered
Transaction of Arihant Traders are given
below. Show the effects on asset, liability and capital with the help of
accounting equation.
Business
started with cash Rs.1,25,000
Purchased
furniture from JSW for cash Rs.20,000
Paid for
carriage Rs.400
Cash
withdrew for personal use Rs.5,000
Rent
received Rs. 6,000
Asked by Topperlearning User | 14 Jun, 2016, 10:03: AM
Expert Answer
Sr. No |
Explanation |
Assets |
= |
Liabilities + Capital |
||
|
|
Cash + |
Furniture |
= |
Liabilities |
+ Capital |
i. |
Increase in cash |
(+)1,25,000 |
|
|
|
|
|
Increase in capital |
|
|
|
|
(+)1,25,000 |
|
|
1,25,000 |
|
= |
NIL + |
1,25,000 |
ii. |
Increase in furniture |
|
(+)20,000 |
|
|
|
|
Decrease in cash |
(-)20,000 |
|
|
|
|
|
|
1,05,000 |
20,000 |
= |
NIL + |
1,25,000 |
iii. |
Paid carriage (expense) |
|
|
|
|
(− )400 |
|
Decrease in cash |
(− )400 |
|
|
|
|
|
|
1,04,600 |
20,000 |
= |
NIL + |
1,24,600 |
iv. |
Cash withdrew for personal use |
(−) 5,000 |
|
|
|
|
|
Decrease in capital |
|
|
|
|
(− )5,000 |
|
|
99,600 |
20,000 |
= |
NIL + |
1,19,600 |
v. |
Increase in cash |
(+)6,000 |
|
|
|
|
|
Increase in capital (profit) |
|
|
|
|
(+)6,000 |
|
|
1,05,600 |
20,000 |
= |
NIL + |
1,25,600 |
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