## TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger

TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 6. This solution contains questions, answers, images, explanations of the complete Chapter 6 titled Ledger of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 6 Ledger. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 6 Ledger in one place.

## TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger

Here on NCERTBooks.Guru, you can access to TS Grewal Book Solutions in free pdf for Accountancy for Class 11 so that you can refer them as and when required. The TS Grewal Solutions to the questions after every unit of TS Grewal textbooks aimed at helping students solving difficult questions.

For a better understanding of this chapter, you should also see summary of Chapter 6 Ledger , Accountancy, Class 11.

### TS Grewal Solutions Class 11 Accountancy Chapter 6 Ledger

Class 11, Accountancy Chapter 6, Ledger solutions are given below in PDF format. You can view them online or download PDF file for future use.

Question 1.
On 1st April, 2018, Mohit started business with a capital of ₹ 50,000. He made the following transactions:

You are required to journalise the above transactions and show the respective Ledger accounts.
Solution:

Question 2.
Suresh, Kanpur commenced business on 1st January, 2018 introducing capital in cash ₹ 1,00,000. His other transactions during the month were as follows:

Enter the above transactions in his books of account.
Solution:

Question 3.
Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:

Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. Out of the above transactions, transactions marked (*) are not subject to levy of GST.
Solution:

Question 4.
Pass Journal entries of M/s. Bhanu Traders, Delhi from the following transactions. Post them to the Ledger:

Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. Out of the above transactions marked (*) are not subject to levy of GST.
Solution:

Question 5.
Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:

Question 6.
Following balances appeared in the books of Ashok, Delhi on 1st April, 2018:
Assets: Cash – ₹ 50,000; Stock – ₹ 30,000; Debtors – Ram ₹ 50,000; Machinery – ₹ 60,000.
Liabilities: Creditor – Rajesh ₹ 30,000.
The following transactions took place in April, 2018:

CGST and SGST @ 6% each is levied on intra-state transactions and IGST is levied @ 12% on inter-state transactions. Transactions marked (*) are not subject to levy of GST.
Pass Journal entries for the above transaction, post them into the Ledger and prepare the Trial Balance on 30th April, 2018.
Solution:

Question 7.
On 1st April, 2018, the following were Ledger balances of M/s. Ram & Co., Delhi: Cash in Hand – ₹ 300; Cash at Bank – ₹ 7,000; Bills Payable – ₹ 1,000; Zahir (Dr.) – ₹ 800; Stock – ₹ 4,000; Gobind (Cr.) – ₹ 2,000; Sharma (Dr.) – ₹ 1,500; Rahul (Cr.) – ₹ 900; Capital – ₹ 9,700. Transactions during the month of April, 2018 were:

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Post the above transactions to the Ledger and prepare the Trial Balance on 30th April, 2018.
Solution:

Question 8.
You are to open the books of Rajesh Prabhu, Gurugram (Haryana) a trader, through the Journal to record the assets and liabilities and then to record the daily transactions for the month of April, 2018. A Trial Balance is to be extracted as on 30th April, 2018:

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:

Question 9.
Enter the following transactions in the Journal of M/s. Karim Bros., Prop. Shri Karim Khan, Kolkata, post to the Ledger and prepare the Trial Balance:

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:

Question 10.
Write up the following transactions in the Journal of Ashok, Delhi and post them to the Ledger for April, 2018. Also, prepare the Trial Balance as on 30th April, 2018.

Solution:

Question 11.
Shri S. K. Gupta, Chandigarh commenced business on 1st April, 2018 with a capital of ₹ 1,20,000 of which ₹ 60,000 was paid into his Bank Account and ₹ 60,000 retained as cash. His other transactions during the month were as follows:

Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Journalise the above transactions and post them to the Ledger.
Solution:

Question 12.
Journalise the following transactions in the books of Shri Manoj, Kolkata and prepare Ledger Accounts.
Opening Debit Balances:
Cash in Hand – ₹ 15,000; Cash at Bank – ₹ 55,000; Stock – ₹ 28,000; Debtors – ₹ 25,000 (Sunil – ₹ 5,000; Abhay – ₹ 10,000 and Alok – ₹ 10,000); Fixed Assets: Computer and Printer – ₹ 50,000; Furniture – ₹ 10,000; Delivery Van – ₹ 25,000.
Opening Credit Balances:
Bank Loan – ₹ 90,000; Salaries Outstanding – ₹ 15,000; Creditors – ₹ 20,000; Bills Payable – ₹ 10,000; Capital – ₹ 73,000.
Transactions for the month of April, 2018 were:
(i) Purchased goods from M/s Prabhat Electricals – ₹ 10,000 less 10% Trade Discount. Cheque was issued immediately and availed 2% Cash Discount on purchase price.
(ii) Cheque was received from Abhay for the balance allowing him discount of 2%*.
(iii) Cheque was received from Alok for the balance due*.
(iv) Sunil was unable to pay the full dues and offered to pay 75%, which was accepted. Cheque was duly received*.
(v) Gave goods costing ₹ 1,000 as charity. These goods were purchased in Kolkata.
(vi) In a competition held by the RWA where the shop is located an electric iron costing ₹ 500 was given as an award. It had been purchased from Prabhat Electricals, Delhi.
(vii) A debt of ₹ 10,000 that was written off as bad debt in the past was received*.
(viii) Salaries amounting to ₹ 15,000 provided in the books for the month of March, 2018 were paid through cheque*.
(ix) Sales for the month were: Cash Sales ₹ 15,00,000 (Intra-state) and Credit Sales ₹ 3,00,000 (Inter-state).
(x) Purchases for the month were: Cash Purchases ₹ 1,00,000 (Intra-state) and Credit Purchases (Inter-state) ₹ 9,00,000.
Cheques Received from Debtors ₹ 2,00,000; Deposited Cash ₹ 15,00,000.
(xi) Paid to creditors through cheques ₹ 8,90,000*.
(xii) Bank Loan repaid during the month ₹ 20,000*.
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:

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## TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher

TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 4. This solution contains questions, answers, images, explanations of the complete Chapter 4 titled Origin of Transactions Source Documents and Preparation of Voucher of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher in one place.

## TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher

Question 1.
The following transactions took place in M/s. Goodluck Computers. Prepare the Accounting Vouchers:

Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:

Question 2.
Prepare the Accounting Vouchers for the following transactions:​

Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:

Question 3.
Prepare the Vouchers to be recorded in the books of M/s. Computer Aids:

Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:

Question 4.
Prepare the Vouchers to be recorded in the books of M/s. Elegant Furnitures, New Delhi:

Tranactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:

Question 5.
Prepare the Vouchers:

Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
Solution:

Question 6.
Prepare the Transfer Vouchers from the books of Mangla Agencies, Faridabad, Haryana from the Source Vouchers:

Solution:

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 4 Origin of Transactions Source Documents and Preparation of Voucher, drop a comment below and we will get back to you at the earliest.

## TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 3. This solution contains questions, answers, images, explanations of the complete Chapter 3 titled Accounting Procedures Rules of Debit and Credit of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 3 Accounting Procedures Rules of Debit and Credit. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 3 Accounting Procedures Rules of Debit and Credit in one place.

## TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit

Question 1.
Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts:
(i) Land and Building
(ii) Excise Duty
(iii) Creditors
(iv) Capital
(v) Motor Vehicles
(vi) Goodwill
(vii) Investments
(viii) Salary
(ix) Debtors
(xi) Depreciation
(xii) Wages
(xiii) Repairs
(xiv) Ramesh, a debtor
(xvi) Bank Overdraft
(xvii) Purchase Returns
(xviii) Drawings
(xix) Freight
(xx) Return Inwards.
Solution:

Question 2.
Clasify the follwoing into Assets, Liabilities, Capital, Expenses and Revenue:
(i) Land
(ii) Investments
(iii) Building
(v) Salary
(vi) Bank Overdraft
(vii) Debtors
(viii) Creditors
(x) Capital
(xi) Depreciation
(xii) Motor Vehicles
(xiii) Freight
(xiv) Wages
(xv) Goodwill
(xvi) Repairs
Solution:

Question 3.
Classify the following into assets, liabilities, capital, revenue, and expenses:
(i) Plant and Machinery
(ii) Bank Loan
(iii) Sales
(iv) Rent
(vi) Carriage Inwards
(vii) Carriage outwards
(viii) Purchases
(ix) Bills Payable
(x) Wages
(xii) Accrued Income
(xiii) Goodwill
(xiv) Furniture and Fixtures
(xv) Outstanding Expenses
(xvi) Capital
Solution:

Question 4.
On which side will the increase in the following accounts be recorded ? Also, state the nature of the account:
(i) Furniture A/c
(ii) Mohan (proprietor)
(iii) Salary A/c
(iv) Purchases A/c
(v) Sales A/c
(vi) Interest Paid A/c
(vii) Sohan (Creditor)
(viii) Ram (Debtor)
Solution:

Question 5.
On which side will the decrease in the following accounts be recorded ? Also, state the nature of the account:
(i) Cash
(ii) Bank Overdraft
(iii) Outstanding salary paid
(iv) Outstanding Rent
(v) Prepaid Insurance
(vi) Mohan, Proprietor of the business
Solution:

Question 6.
From the following Transactions, state the nature of account and state which account will be debited and which account credited:
(i) Manu started business with cash – ₹ 1,00,000
(ii) He purchased furniture for business – ₹ 20,000
(iii) Purchase goods on credit from Anshul – ₹ 6,000
(iv) Paid to his creditor, Anshul – ₹ 2,000
(v) Paid salary to his clerk – ₹ 1,000
(vi) Paid Rent – ₹ 500
(vii) Received Interest – ₹ 200
Solution:

Question 7.
Analyse the following transactions, state the nature of accounts and state which account will be debited and which account credited:

Solution:

Question 8.
Open a ‘T’ shape account for machinery and put the following transactions on the proper side:

Solution:

Question 9.
Open a ‘T’ shape Cash Account. Put the following transactions on the proper side and balance the account:
(i) Mohan started business with cash – ₹ 40,000
(ii) Purchased Goods – ₹ 20,000
(iii) Sold Goods – ₹ 24,000
(iv) Paid Rent – ₹ 400
(v) Paid salaries – ₹ 600
(vi) Drew for personal use – ₹ 1,000
Solution:

Question 10.
Open a ‘T’ shape account of creditor, Rakesh and write the following transactions on the proper side:
(i) Goods purchased from Rakesh on credit – ₹ 50,000
(ii) Goods returned to Rakesh for – ₹ 5,000
(iii) Paid to Rakesh – ₹ 20,000
(iv) Purchase goods from Rakesh on credit – ₹ 10,000
Solution:

Question 11.
Open a ‘T’ shape account of debtor ‘Brij’ and write the following transactions on the proper side:
(i) Sold goods to Brij on credit – ₹ 25,000
(ii) Cash received from Brij – ₹ 10,000
Discount allowed to him – ₹ 500
(iii) Goods returned by Brij – ₹ 5,000
Solution:

Question 12.
Put the following on the proper side of a Cash Account, a Debtor’s Account and a Creditor’s Account:
(i) Sold goods to Sanjay on credit – ₹ 50,000
(ii) Sold goods to Mohan for cash – ₹ 20,000
(iii) Purchased goods from Ram on credit – ₹ 25,000
(iv) Cash received from Sanjay – ₹ 19,000
(v) Goods returned by Sanjay – ₹ 2,000
(vi) Paid rent – ₹ 500
(vii) Cash paid to Ram – ₹ 15,000
Solution:

Question 13.
From the following particulars, prepare the proprietor’s Capital Account:
1st April, 2017 – Commenced business with cash – ₹ 2,00,000
31st March, 2018 – Net Loss as per Profit and Loss Account – ₹ 18,000
31st March, 2018 – Drawings during the period – ₹ 15,000
Balance the same and explain what the closing balance indicates.
Solution:

Question 14.
From the following particulars, prepare the proprietor’s Capital Account:

Solution:

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 3 Accounting Procedures Rules of Debit and Credit, drop a comment below and we will get back to you at the earliest.

## TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation

TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 2. This solution contains questions, answers, images, explanations of the complete Chapter 2 titled Accounting Equation of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 2 Accounting Equation. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 2 Accounting Equation in one place.

## TS Grewal Accountancy Class 11 Solutions Chapter 2 Accounting Equation

Question 1.
What will be effect of the following on the Accounting Equation?
(i) Started business with cash ₹ 45,000
(ii) Opened a Bank Account with a deposit of ₹ 4,500
(iii) Bought goods from M/s. Sun & Co. for ₹ 11,200
Solution:

Question 2.
Show the Accounting Equation for the following transactions:

Solution:

Question 3.
Show the effect of the following transactions on the Accounting Equation:
(i) Started business with cash ₹ 50,000.
(ii) Salaries paid ₹ 2,000.
(iii) Wages Outstanding ₹ 200.
(iv) Interest due but not paid ₹ 100.
(v) Rent paid in advance ₹ 150.
Solution:

Question 4.
What will be the effect of the following on the Accounting Equation?
(i) Harish started business with cash ₹ 18,000
(ii) Purchased goods for Cash ₹ 5,000 and on credit ₹ 2,000
(iii) Sold goods for cash ₹ 4,000 (costing ₹ 2,400)
(iv) Rent paid ₹ 1,000 and Rent Outstanding ₹ 200
Solution:

Question 5.
Prepare Accounting Equation from the following:
(i) Started business with cash ₹ 1,00,000 and Goods ₹ 20,000.
(ii) Sold goods worth ₹ 10,000 for cash ₹ 12,000.
(iii) Purchased furniture on credit for ₹ 30,000
Solution:

Question 6.
Prepare an Accounting Equation and Balance Sheet on the following basis:
(i) Ajeet started business ₹ 20,000.
(ii) He purchased furniture for ₹ 2,000.
(iii) He paid rent of ₹ 200.
(iv) He purchase goods on credit ₹ 3,000.
(v) He sold goods (cost price ₹ 2,000) for ₹ 5,000 on cash.
Solution:

Question 7.
Prepare an Accounting Equation from the following:
(i) Started business with cash ₹ 1,00,000.
(ii) Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000.
(iii) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%.
Solution:

Question 8.
Develop an Accounting Equation from the following transactions:

Solution:

Question 9.
Prepare an Accounting Equation on the basis of the following transactions:
(i) Started business with Cash ₹ 70,000
(ii) Credit purchase of goods ₹ 18,000
(iii) Payment made to creditor ₹ 17,500 in full settlement
(iv) Purchase of Machinery for Cash ₹ 20,000
(v) Depreciation on Machinery ₹ 2,000
Solution:

Question 10.
Prove that the Accounting Equation is satisfied in all the following transactions of Suresh. Also prepare a Balance Sheet.
(i) Commenced business with cash ₹ 60,000.
(ii) Paid Rent in Advance ₹ 500.
(iii) Purchased goods for Cash ₹ 30,000 and Credit ₹ 20,000.
(iv) Sold goods for Cash ₹ 30,000 Costing ₹ 20,000.
(v) Paid Salary ₹ 500 and Salary Outstanding being ₹ 100.
(vi) Bought motorcycle for personal use ₹ 5,000.
Solution:

Question 11.
Show the effect of the following transactions on assets, liabilities and capital using the Accounting Equation. Also prepare a Balance Sheet:
(i) Started business with Cash ₹ 60,000
(iii) Accrued Interest ₹ 500
(v) Amount withdrawn ₹ 5,000
Solution:

Question 12.
Prove that the Accounting Equation is satisfied in all the following transactions of Sameer Goel:
(i) Started business with cash ₹ 10,000.
(ii) Paid rent in Advance ₹ 300.
(iii) Purchased goods for cash ₹ 5,000 and credit ₹ 2,000.
(iv) Sold goods for cash ₹ 8,000 costing ₹ 4,000.
(v) Paid salary ₹ 450 and salary outstanding being ₹100.
(vi) Bought motorcycle for personal use ₹ 3,000.
Solution:

Question 13.
Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet on the last new equation balance:

Solution:

Question 14.
Raghunath had the following transactions in an accounting year:
(i) Commenced business with cash ₹ 50,000.
(ii) Paid in to bank ₹ 10,000.
(iii) Purchased goods for Cash ₹ 20,000 and Credit ₹30,000.
(iv) Sold goods for Cash ₹ 40,000 Costing ₹ 30,000.
(v) Rent paid ₹ 500.
(vi) Rent Outstanding ₹ 100.
(vii) Bought furniture ₹5,000 on credit.
(viii) Bought refrigerator for personal use ₹ 5,000.
(ix) Purchased motorcycle for cash ₹ 20,000.
Create an Accounting Equations to show the effect of the above transaction on his assets, liabilities and capital and also show his final Balance Sheet.
Solution:

Question 15.
Prepare an Accounting Equation from the following :
(i) Started business with cash ₹ 50,000 and goods ₹ 30,000.
(ii) Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.
(iii) Goods costing ₹ 40,000 were Sold for ₹ 55,000.
(iv) Withdrew cash for personal use ₹ 10,000.
(v) Rent outstanding ₹ 2,000.
Solution:

Question 16.
Show an Accounting Equation for the following transactions:
(i) D. Mahapatra commenced business with cash of ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.
(ii) 1/3 rd of above goods sold at a profit of 10% on cost, and half of the payment is received in cash.
(iii) Depreciation on machinery provided @ 10%.
(iv) Cash withdrawn for personal use ₹ 10,000.
(v) Interest on drawings charged @ 5%.
(vi) Goods Sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months.
(vii) Received ₹ 10,000 from Gupta against the Bill Receivable on its maturity.
Solution:

Working Note:
Rs.60,000 × 1/3 = Rs.20,000 × 110% = Rs.22,000
Half received in Cash = Rs.11,000

Question 17.
Prepare Accounting Equation from the following:
(a) Started business with cash ₹ 1,00,000.
(b) Purchase goods for cash ₹ 20,000 and on credit ₹ 30,000.
(c) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000 both at a profit of 20%.
(d) Paid salaries ₹ 8,000.
Solution:

Question 18.
Show the accounting equation on the basis of following transactions:
(a) Ram started business with ₹ 25,000.
(b) Purchased goods from Shyam ₹ 10,000.
(c) Sold goods to Sohan costing ₹ 1,500 for ₹ 1,800.
Solution:

Question 19.
If the capital of a business is ₹ 3,00,000 and liabilities are ₹ 50,000, loss ₹ 70,000, calculate the total assets of the business.
Solution:
Total Assets = Capital – Loss + Liabilities = Rs.3,00,000 – Rs.70,000 + Rs.50,000 = Rs.2,80,000
Total Assets of the business is Rs.2,80,000

Question 20.
If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors.
Solution:
Creditors = Total Assets – Net worth = Rs.1,30,000 – Rs.80,000 = Rs.50,000
Creditors is Rs.50,000.

Question 21.
A commenced his cloth business on 1st April, 2017 with a capital of ₹ 30,000. On 31st March 2018, his assets were worth ₹ 50,000 and liabilities of ₹ 10,000. Find out his closing capital and profits earned during the year.
Solution:
Closing Capital = Assets – Liabilities = Rs.50,000 – Rs.10,000 = Rs.40,000
Profit = Closing Capital – Opening Capital = Rs.40,000 – Rs.30,000 = Rs.10,000

Question 22.
If capital of a business is ₹ 1,40,000 and liabilities are of ₹ 80,000, calculate the total assets of the business.
Solution:
Total Assets = Liabilities + Capital = Rs.80,000 + Rs.1,40,000 = Rs.2,20,000
Total Assets of the business is Rs.2,20,000

Question 23.
Calculate the total assets if:
(i) Capital is ₹ 40,000.
(ii) Creditors are ₹ 25,000.
(iii) Revenue during the period is ₹ 50,000.
(iv) Expenses during the period are ₹ 40,000.
Solution:
Capital after Adjustments = Capital + Revenue – Expenses = Rs.40,000 + Rs.50,000 – Rs.40,000 = Rs.50,000
Total Assets = Capital after adjustment + Creditors = Rs.50,000 + Rs.25,000 = Rs.75,000

Question 24.
(a) A had a capital of ₹ 75,000 on 1st April, 2017. He had also goods amounting to ₹ 15,000 which he had purchased on credit and the payment had not been made. Find out the value of the total assets of the business.
(b) After a period of one month, he came to know that he had suffered a loss of ₹ 1,700. He withdrew ₹ 800 for his personal use. Find out his capital and assets of the business.
Solution:
a. Total Assets = Capital + Creditors = Rs. 75,000 + Rs. 15,000 = Rs. 90,000
b. Revised Capital = Capital – Loss – Drawings = Rs. 75,000 – Rs. 1,700 – Rs. 800
i. Revised Capital = Rs. 72,500
Assets = Revised Capital + Creditors = Rs. 72,500 + Rs. 15,000
ii. Assets = Rs. 87, 500

Question 25.
(a) Mohan started a business on 1st April, 2017 with a capital of ₹ 10,000 and borrowed ₹ 3,000 form a friend. He earned a profit of ₹ 5,000 during the year ended 31st March, 2018 and withdrew cash ₹ 4,000 for private use. What is his capital on 31st March, 2018 ?
(b) Mahesh started a business with a capital of ₹ 15,000 on 1st April, 2017. During the year, he made a profit of ₹ 3,000. He owes ₹ 2,500 to suppliers of goods. What is the total of assets in his business on 31st March, 2018 ?
Solution:
a. Capital on 31st March 2018 = Capital on April 01,2017 + Profit – Drawings
= Rs.10,000 + Rs.5,000 – Rs.4,000 = Rs.11,000
b. Total Assets on 31st March 2018 = Capital on April 01, 2017 + Profit + Creditors
= Rs.15,000 + Rs.3,000 + Rs.2,500 = Rs.20,500

Question 26.
Mohan started a business on 1st April, 2017 with a capital of ₹ 25,000 and a loan of ₹ 12,500 borrowed from Shyam. During 2017-18 he had introduced additional capital of ₹ 12,500 and had withdrawn ₹ 7,500 for personal use. On 31st March, 2018 his assets were ₹ 75,000. Find out his capital as on 31st March, 2018 and profit made or loss incurred during the year 2017-18.
Solution:
Capital on 31st March 2018 = Assets – Loan from Shyam = Rs.75,000 – Rs.12,500 = Rs.62,500
Profit (or Loss) during the year 2017 – 18 = Capital on March 31, 2018 + Drawings – (Capital on April 01,2017 + Additional Capital)
= Rs. 62,500 + Rs. 7,500 – (Rs. 25,000 + Rs. 12,500) = Rs.70,000 – Rs.37,500 = Rs.32,500

Question 27.
On 31st March, 2018, the total assets and external liabilities were ₹ 2,00,000 and ₹ 6,000 respectively. During the year, the proprietor had introduced capital of ₹ 20,000 and withdrawn ₹ 12,000 for personal use. He made a profit of ₹ 20,000 during the year. Calculate the capital as on 1st April, 2017.
Solution:
Capital on 31st March 2018 = Total Assets – External Liabilities = Rs. 2,00,000 – Rs. 6,000 = Rs. 1,94,000
Capital on 01st April 2017 = Capital on March 31, 2018 – Additional Capital + Drawings – Profit
= Rs. 1,94,000 – Rs. 20,000 + Rs. 12,000 – Rs. 20,000 = Rs. 1,66,000

Question 28.
Show an Accounting Equation on the basis of the following transactions:

Solution:

Question 29.
Draw an Accounting Equation on the basis of the following transactions:
​(i) Commenced business with cash ₹ 50,000, cheque ₹ 1,00,000, goods ₹ 30,000 and furniture ₹ 20,000.
(ii) Car, personal asset of the proprietor, was sold for ₹ 1,00,000 against cheque which he deposited in his Savings Account.
(iii) An amount of ₹ 50,000 was transferred from his Savings Account to the firm’s Bank Account.
(iv) A new car was purchased for ₹ 6,00,000 for office use. It was paid by taking loan from Bank of ₹ 5,00,000 and balance by issue of cheque from firm’s Bank Account.
(v) Sold goods to Ajay on credit costing ₹ 4,000 for ₹ 5,000.
(vi) Sold goods for cash costing ₹ 12,000 for ₹ 16,000.
(vii) Purchased good for cash ₹ 40,000.
(viii) Purchased goods on credit for ₹ 20,000.
(ix) Paid rent ₹ 3,000 including ₹ 2,000 in advance.
(x) Paid salaries ₹ 2,000.
(xi) Sold goods costing ₹ 8,000 for ₹ 10,000.
(xii) Salaries outstanding ₹ 1,000.
(xiii) Charge depreciation on furniture ₹ 500.
Solution:

Note: In transaction (ii), there is not impact on the Accounting Equation, therefore it is not shown in the above statement.

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## TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms

TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms – Here are all the TS Grewal solutions for Class 11 Accountancy Chapter 1. This solution contains questions, answers, images, explanations of the complete chapter 1 titled Introduction Of Accounting of Accountancy taught in Class 11. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across chapter 1 Basic Accounting Terms. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 11 Accountancy Chapter 1 Basic Accounting Terms in one place.

## TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms

Question 1.
Mr. Gopal started business for buying and selling of readymade garments with ₹ 8,00,000 as an initial investments. Out of this he paid ₹ 4,00,000 for the purchase of garments and ₹ 50,000 for furniture and ₹ 50,000 for computers and the remaining amount was deposited into the bank. He sold some of the ladies and kids garments for ₹ 3,00,000 for cash and some garments for ₹ 1,50,000 on credit to Mr. Rajesh.

Subsequently, he bought men’s garments of ₹ 2,00,000 from Mr.Satish. In the first week of the next month, a fire broke out in his office and stock of garments worth ₹ 1,00,000 was destroyed. Later on, some garments which cost ₹ 1,20,000 were sold for ₹ 1,30,000. Expenses paid during the same period were ₹ 15,000. Mr. Gopal withdrew ₹ 20,000 from business for his domestic use.
From the above, answer the following:
(i) What is the amount of capital with which Mr. Gopal started the business ?
(ii) What fixed assets did he buy?
(iii) What is the value of goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) Who is the debtor and what is the amount receivable from him?
(vi) What is the total amount of expenses?
(vii) What is the amount of drawings of Mr. Gopal?
Solution:
(ii) He purchased two Fixed Assets i.e., Furniture and Computer. Therefore,
Total Fixed Assets bought by him = Furniture + Computer = Rs.50,000 + Rs.50,000 = Rs.1,00,000
(iii) Value of the goods purchased by Mr. Gopal (Proprietor) = Purchase of Garments + Purchase of Men’s Garments
= 4,00,000 + 2,00,000 = Rs.6,00,000

(iv) The creditor of the business is Mr. Satish with Rs.2,00,000 being payable to him.
(v) The debtor of the business is Mr. Rajesh with Rs.1,50,000 being the amount to be received from him.
(vi) Total amount of expenses is Rs.15,000. (note)
(vii) The amount of drawings of Mr. Gopal is Rs.20,000.
Note: As per this Question correct answer is (vi) Total amount of expenses is Rs.15,000. While, according to the book solution is (vi) Total amount of expenses is Rs.6,15,000.

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