Principle of Accounting XI (Solution of Accounting Equation ) 2077/2021

 

BQ 2. The following transactions are provided to you:

a. Poonam commenced the business with cash of Rs. 1,00,000.

b. Purchased goods from Nisha and paid by cheque Rs. 30,000

c. Sold goods for cash Rs. 25,000

d. Purchased goods from Pooja on credit Rs. 20,000

e. Sold goods to Asha on credit Rs. 15,000

Solution :

Accounting Equation

S.N.	Transactions/Particulars	Assets	+	Capital	=	Liabilities
a.	Poonam commenced the business with cash	1,00,000	+	1,00,000	=	0
b.	Starting/Beginning Equation Purchased goods from Nisha and paid by cheque	1,00,000 + Goods 30,000 – Bank 30,000	+	1,00,000	=	0
c.	New Equation Sold goods for cash	1,00,000 + Cash  30,000 – Goods 30,000	+	1,00,000	=	0
d.	New Equation Purchased goods from Pooja on credit	1,00,000 + Goods  20,000	+	1,00,000	=	20,000
e.	New Equation Sold goods to Asha on credit	1,20,000 + Debtors 15,000 – Goods 15,000	+	1,00,000	=	20,000
	Ending/Final Equation	1,20,000	+	1,00,000	=	20,000

BQ 3. The following transactions are provided to you:

a. Started business Bank balance of Rs. 60,000 and goods of Rs. 30,000.

b. Sold goods for Rs. 10,000 at profit of Rs. 2,000.

c. Goods costing Rs. 5,000 sold for Rs. 4,000

d. Cash withdrew from bank for office use Rs. 20,000

e. Cash deposited into bank Rs. 5,000

Solution :

Accounting Equation

S.N.	Transactions/Particulars	Assets	+	Capital	=	Liabilities
a.	Started business with cash and goods	Bank 60,000 Goods 30,000	+	90,000	=	0
b.	Starting/Beginning Equation Sold goods at profit	90,000 + Cash 10,000 – Goods 8,000	+	90,000 2,000	=	0
c.	New Equation Sold goods at loss	92,000 + Cash  4,000 – Goods 5,000	+	92,000 - 1,000	=	0
d.	New Equation Purchased goods from Pooja on credit	91,000 + Cash  10,000 – Bank 10,000	+	91,000	=	0
e.	New Equation Sold goods to Asha on credit	91,000 + Bank 5,000 – Cash 5,000	+	91,000	=	0
	Ending/Final Equation	91,000	+	91,000	=	0

 

 

BQ 4. Express the following transactions in accounting equation:

a. Capital introduced Rs. 50,000.

b. Furniture purchased Rs. 20,000.

c. Cash purchase made Rs. 10,000

d. Interest charged on capital Rs. 20,000

Solution :

Accounting Equation

S.N.	Transactions/Particulars	Assets	+	Capital	=	Liabilities
a.	Capital introduced	50,000	+	50,000	=	0
b.	Starting/Beginning Equation Furniture purchased	50,000 + Fur. 20,000 – Cash 20,000	+	50,000	=	0
c.	New Equation Cash purchase made	50,000 + Goods  10,000 – Cash 10,000	+	50,000	=	0
d.	New Equation Interest charged on capital	50,000	+	50,000 + 5,000 – 5,000	=	0
	Ending/Final Equation	50,000	+	50,000	=	0

 

 1. What do you understand by double entry system of book keeping? Or Write the essence of double entry system.

Ans: The double entry book-keeping system is a technique or a method of book-keeping which emphasizes the fact that every financial transaction has two aspects. every transaction resulting in transfer of money, goods or service must imply existence of at least two parties - one the receiver, another giver. The set of records based on this duality is called double entry system of book-keeping.

2. Explain in short the features of double entry system of book-keeping.

    The following are the features of double entry system of book-keeping:

a.       Two fold effect: The rule of double entry is that every debit should have a credit and every credit should have a debit too. Recording of transactions under double entry system is made with two-fold effect. It means each and every transaction affects two accounts simultaneously.

b.      Equal effect: The rule of double entry book-keeping system states that while recording each transaction the total amount of the debit entry must be equal to the total amount of the credit entry for that transaction.

3. Mention any three objectives of double entry system.

a. Double effect(duality): It follows the principle of double aspect(side) by debiting and crediting the transaction. Every transaction must have two fold effects debit and credit.

b. Equal effect: It assumes that debit must be equal to credit amount i.e. it considers the effect of equal amount on both sides of accounts. The same amount is shown on debit and credit.

c. Debit and credit: It has two sides i.e. debit and credit. Most often, the receiver of benefit is entered on the debit side and giver the benefit is entered on the credit.

१. बहीखाताको दोहोरो प्रविष्टि प्रणालीबाट तपाई के बुझ्नुहुन्छ? वा दोहोरो प्रविष्टि प्रणालीको सार लेख्नुहोस्।

उत्तर: बहीखाताको दोहोरो प्रविष्टि प्रणाली एक प्रविधि वा बहीखाताको तरिका हो जुन प्रत्येक वित्तीय लेनदेनका दुई पक्षहरू हुन्छ भन्ने तथ्यलाई जोड दिन्छ। प्रत्येक लेनदेन पैसा, सामान वा सेवा को स्थानान्तरण को परिणाममा कम्तिमा दुई पक्षहरुको एक अस्तित्व जनाउनु पर्छ - एक प्राप्तकर्ता, अर्को दिने। यस द्वैध आधारमा रेकर्डहरूको सेटलाई बुक-किपिंगको डबल एन्ट्री प्रणाली भनिन्छ।

२. बहीखाताको डबल एन्ट्री प्रणालीका विशेषताहरू छोटकरीमा वर्णन गर्नुहोस्।

    निम्नलिखित बहीखाताको डबल प्रविष्टि प्रणालीका सुविधाहरू छन्:

a दुई पक्ष प्रभाव: डबल प्रविष्टिको नियम यो छ कि प्रत्येक डेबिटमा क्रेडिट हुनुपर्दछ र हरेक क्रेडिटमा डेबिट हुनुपर्दछ। डबल प्रविष्टि प्रणाली अन्तर्गत लेनदेनको रेकर्ड दुई पक्ष प्रभावको साथ बनाईएको छ। यसको अर्थ प्रत्येक र प्रत्येक लेनदेनले दुई खाताहरूलाई एकै साथ प्रभावित गर्दछ।

b समान प्रभाव: डबल एन्ट्री बहीखाताको प्रणालीको नियमले भन्छ कि प्रत्येक लेनदेनको रेकर्ड गर्दा डेबिट प्रविष्टिको जम्मा रकम त्यो लेनदेनको लागि क्रेडिट प्रविष्टिको जम्मा रकम बराबर हुनुपर्दछ।

३. डबल प्रवेश प्रणालीको कुनै पनि तीन उद्देश्य उल्लेख गर्नुहोस्।

a डबल प्रभाव : यो डेबिट र लेनदेनद्वारा डबल पक्ष (साइड) को सिद्धान्त अनुसरण गर्दछ। प्रत्येक लेनदेनको दुई पक्षको प्रभाव जस्तै डेबिट र क्रेडिट हुनुपर्दछ।

b समान प्रभाव: यो मानिन्छ कि डेबिट क्रेडिट रकम बराबर हुनुपर्दछ, अर्थात् यसले खाताको दुबै पक्षमा बराबर रकमको प्रभावलाई विचार गर्दछ। उही रकम डेबिट र क्रेडिटमा देखाइन्छ।

c डेबिट र क्रेडिट: यसका दुई पक्षहरू छन् डेबिट र क्रेडिट। प्राय जसो, लाभ पाउने व्यक्ति डेबिट साइडमा प्रविष्ट हुन्छन् र दिनेलाई फाइदा क्रेडिटमा राखिन्छ।