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Home /Doubts and Solutions/CBSE/Class 11 Commerce/Accountancy Part I/Recording Of Transactions I/Apply Accounting Equation To Explain The Effect Of Transactions

Apply Accounting Equation To Explain The Effect Of Transactions Free Doubts and Solutions

CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

Purchase of an ongoing business; costing assets for Rs.8,50,000 and liablities Rs.5,50,000 for a purchase consideration of  Rs.1,50,000.

Asked by Topperlearning User 14th June 2016, 10:22 AM
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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

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 14th June 2016, 10:03 AM
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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

What will be effect of the following on the accounting equation? Ramesh started business with cash Rs.50,000 Purchased goods for cash Rs.5,000 and on credit Rs.2,000 Sold goods for cash Rs.8,000 (costing Rs.3,500) Rent paid Rs.5,000 and rent outstanding Rs.1,200

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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

Arihant has a stock of goods worth Rs.15,000. He sells half the goods at a profit of 20%. What will be the effect on the accounting equation?

Asked by Topperlearning User 13th June 2016, 5:01 PM
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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

Give an example for each of the following : Increase in asset, decrease in another asset Increase in asset, increase in liability Increase in liability, decrease in owner’s capital

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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

Explain the process involved in developing an accounting equation.

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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

Give an example of each of the following : Increase in asset and decrease in another asset Decrease in liability and increase in another liability Decrease in asset and decrease in owner’s equity Increase in asset and increase in owner’s equity

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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

Rebate of Rs.400 allowed by the holder of bills payable of Rs.1,400 on early payment. Give the effect of the following transaction on accounting equation.

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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

What do you understand by the term ‘owner’s equity’?

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CBSE - XI Commerce - Accountancy Part I - Recording of Transactions - I

State the two basic purposes of accounting equation?

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