ALPHA MATHEMATICS INSTITUTE UNIT TEST-2016

9999391793
1.

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Prepare Accounting equation :

1. Started business with cash Rs. 3,30,000
2. Commission received Rs. 22,000
3. Interest received in advance Rs. 1,100.
4. Salary paid Rs. 22,000
5. Prepaid rent Rs. 4,400.
6. Accrued commission Rs. 3,300
7. Wages outstanding Rs. 11,000.
2.
Show the effect of the following business transactions on assets, liabilities and capital
with the help of accounting equation:
Commenced business with cash
31,200
Interest on Capital
1,560
Machinery Purchased
4,680
Cash withdrawn from the business for personal use of proprietor
6,240
Goods purchased on credit
3,120
Paid to creditors
2,340
Creditors accepted a bill for
1,560
Allotted shares to creditors
1,560
Transfer from capital to loan
7,800
10. 3.
Prepare Accounting Equation for the following :
Started Business with
Cash
3,00,000
Building
90,000
Stock
60,000
Interest on capital
45,000
Depreciation charged on building
9,000
Money withdrawn from business for personal use
45,000
Goods withdrawn for personal use
22,500
Interest on drawings
2,250
4. Show the effect of the following business transactions on assets, liabilities and capital through
accounting equations:
1. Commenced business with cash
20,000
2. Goods purchased on credit
7,000
3. Furniture purchased
3,000
4. paid to creditors
2,000
5. Amount withdrawn by the proprietor
4,000
6. Creditors accepted a bill for payment
1,500
7. interest on capital
1,000
8. Transfer from capital to loan
5,000
9. Allotted shares to creditors
1,000