Assignment - Accounting Equation

Q-1. If Total assets are Rs 4,00,000 and Net Worth is Rs 1,20,000 and Profit Rs 25,000.Compute the creditors.

Q-2. (a)  A starts a Business and invests Rs 50,000 on 1^st April 2017. On 31^st March 2018 his Assets are Rs 65,000 and Liabilities are Rs 6,000. Find out the amount of capital on 31^st march 2018.

(b) In the above case ,if the Proprietor had introduced Rs 5,000 as additional capital and withdrawn Rs 2,000.What will be your answer.

Q-3. X started a business on 1^st April 2017 with a Capital of Rs 50,000 and a loan of Rs 25,000 borrowed from Y. During 2017-18,he had introduced additional capital of Rs 25,000 and had withdrawn Rs 15,000 for personal use. On 31^st March 2018 his assets were Rs 1,50,000.Find out his capital as on 31^st March 2018 and profit made or loss incurred during the year 2017-18.

Q-4. On 31^st March 2018 the total Assets and External Liabilities were Rs 1,00,000 and Rs 3,000 respectively . During the Year ,the proprietor had introduced additional capital of Rs 10,000 and had withdrawn Rs 6,000 for Personal use. He made a Profit of Rs 10,000 during the year . Calculate the Capital as on 1^st April 2017.

Q-5. Show an Accounting Equation on the Basis of the Following transactions :

                    I. Vikram Kapoor Started business with cash Rs 1,50,000 and Furniture  Rs   1,00,000 and Goods Rs 50,000 and Cheque Rs 40,000.

                    

        II. He Purchased a Building for Rs 1,00,000 and Sold Furniture Rs   90,000(Costing Rs 1,00,000 ).

                  

                  III.  He Purchased Goods from Ram Rs 45,000.

                

                  IV.   Paid Cartage Rs 5,000 and Rent Paid to Landlord Rs 4,000.

              

                   V.    Received Rent from tenants Rs 5,000 and Received Security Deposits From Tenants Rs 4K.

             

                 VI. Invested in Shares ( Personal ) Rs 5,000.

        VII.   Goods Destroyed by Fire Rs 5,000.

         VIII.  Introduced Fresh Capital Rs 20,000.

Also,Prepare a Balanced Sheet.