Categories: TS Grewal Solutions

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

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 1 Basic Accounting Terms , Accountancy, Class 11.

TS Grewal Solutions Class 11 Accountancy chapter 1 Basic Accounting Terms

Class 11, Accountancy chapter 1, Basic Accounting Terms solutions are given below in PDF format. You can view them online or download PDF file for future use.

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:
(i) Initial capital introduced by Mr. Gopal for starting the business of “Readymade Garments” is Rs.8,00,000.
(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.

Did you find NCERT Solutions Class 11 Accountancy chapter 1 Introduction Of Accounting helpful? If yes, please comment below. Also please like, and share it with your friends!

Kishen

Recent Posts

Child is the Father of Man Essay | Essay on Child is the Father of Man for Students and Children in English

Child is the Father of Man Essay: The qualities shown in childhood are often only…

12 hours ago

Time and Tide Wait for None Essay | Essay on Time and Tide Wait for None for Students and Children in English

Time and Tide Wait for None Essay: Time is as precious as gold but with…

14 hours ago

ebalbharati Books | Maharashtra State Board Textbooks for Classes 12, 11, 10, 9, 8, 7, 6, 5, 4, 3, 2, 1

ebalbharati Books: Books Open up a diverse world of opportunities and play an important role…

2 days ago

Karnataka State Board Books for 1st, 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th Classes | KSEEB Textbooks PDF Download

Karnataka State Board Books: Students preparing for the Karnataka State Board Exams can complete their entire…

2 days ago

Heritage of India Essay | Essay on Heritage of India for Students and Children in English

Heritage of India Essay: India has a rich and unique cultural heritage, and has managed…

2 days ago

Essay on India | India Essay for Students and Children in English

Essay on India: Romaine Rolland, a French scholar, once quoted, “If there is one place…

2 days ago