Chapter 5 -
Accounting Equation
Question 25:
Calculate the amount of External Equities as on 31st
March, 2022 in the following cases:
(i) On 31st March, 2022, total assets and capital were `15,00,000 and `10,50,000 respectively.
(ii) On 1st April, 2021, Mukesh started business with a capital of ` 3,00,000 and a loan of ` 3,00,000 borrowed from a friend. During the year, he earned a profit of `1,50,000. On 31st March, 2022, the total assets were `15,00,000.
(iii) On 1st April, 2021, Ramesh started business with a capital of ` 3,00,000 and a loan of ` 3,00,000 borrowed from a fixed. During the year, he earned a profit of ` 1,50,000, introduced an additional capital of ` 1,80,000 and had withdrawn ` 90,000 for his personal use. On 31st March, 2022 total assets were `15,00,000.
Answer:
(i)
|
Total assets = `15,00,000 |
|
Capital = `10,50,000 |
|
External Equities (External
Liabilities) = Assets – Capital |
|
External Equities (External
Liabilities) = 15,00,000 – 10,50,000 |
|
External Equities (External Liabilities) = 4,50,000 |
(ii)
On 1st April, 2021
Total assets = `15,00,000
Capital = `
10,50,000
(iii)
|
Opening Capital=3,00,000 |
|
Opening External
liabilities =3,00,000 |
|
Total Closing
assets=15,00,000 |
|
Closing Capital = Opening
Capital + (Profit) + (Additional Capital) - (Drawings) Closing Capital = 3,00,000
+ 1,50,000 +1,80,000 - 90,000 Closing Capital = 5,40,000 |
|
Closing External
liabilities (External equity) = Total Closing assets - Closing Capital |
|
Closing External
liabilities (External equity) = 15,00,000 – 5,40,000 |
|
Closing External liabilities (External equity) =
9,60,000 |
|
|
Question
26:
Pranav started business on 1st April, 2021 with capital of 5,50,000. On 31st March, 2022
his total assets were 10,75,000 and liabilities were 2,92,500.
Calculate the amount by which his capital has increased as on 31st March, 2022.
Answer:
Opening capital ` 5,50,000
Closing total Assets ` 10,75,000
Closing Liabilities ` 2,92,500.
Closing
Capital = Closing total Assets - Closing Liabilities
Closing Capital =10,75,000 -2,92,500
Closing
Capital = 7,82,500
Capital Increased by = 7,82,500 -5,50,000
Capital
Increased by = 2,32,500
Ts Grewal Solution 2022-2023
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Chapter 5 – Accounting Equation
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