XI ACCOUNTANCY PRACTICE SHEET | 2023-24
1. The capital of a business is 4,00,000 and outside liabilities are 3,00,000, Calculate the total assets of the
business.
Ans: 7,00,000
2. If total assets of the business are 4,50,000 and outside liabilities are 2,00,000, calculate owner's equity.
Ans: Owner's Equity = 2,50,000.
3. A commenced his cloth business on 1st April, 2015 with a capital of 60,000. On 31st March, 2016, his assets
were 1,00,000 and liabilities were 20,000. Find out his closing capital and profits earned during the year.
Ans: Closing Capital = 80,000
Profit = 20,000.
4. On 31st March, 2016, the total assets and external liabilities were 2,00,000 and 6,000 respectively. During the
year, the proprietor had introduced additional capital of 20,000 and had withdrawn 12,000 for personal use.
He made a profit of 20,000 during the year. Calculate the capital as on 1st April, 2015.
Ans: Opening Capital = 1,66,000
5. If total assets of a business are 2,60,000 and capital is 1,60,000, calculate the outside liabilities.
Ans: Outside Liabilities = 1,00,000
6. From the following information, calculate the total assets of the business.
Capital during the period 6,00,000, revenue earned 15,00,000, expenses incurred during the period 4,00,000
and value of unsold stock 4,00,000.
Ans: Total Assets = = 25,00,000 (including 4,00,000 closing stock).
7. Calculate the total equity if
(i) Owner's equity in the beginning is * 1,20,000.
(ii) Equity of creditors at the end is * 1,00,000.
(iii) Revenue during the period is 1,40,000.
(iv) Expenses during the same period are 1,30,000.
Also calculate the amount of owner's equity at the end.
Ans: Owner's equity at the end = 2,30,000
8. Monika has the following assets and liabilities as on 31st March, 2016. Ascertain her capital.
Cash 50,000, bank 95,000, debtors 36,000, creditors 44,000, plant and machinery 1,60,000, building 4,00,000,
furniture 48,000, bills receivable 1,13,000, bills payable 47,000.
Ans: Monika's capital = 8,11,000
9. Raja started a business on 1st April, 2015 with a capital of 1,00,000 and a loan of 50,000 borrowed from Ram.
During 2015-16, he had introduced additional capital of 50,000 and had withdrawn 30,000 for personal use.
On 31st March, 2016, his assets were 3,00,000. Find out his capital as on 31st March, 2016 and profit made or
loss incurred during the year 2015-16.
Ans: Closing Capital 2,50,000 Profit : 1,30,000
10. Calculate the amount of total assets and capital as on 31st December, 2016 in each of the following cases:
(a) Z started a business on 1st April, 2015 with a capital 20,000 and a loan of 10,000 borrowed from Y. During
the year, he made a profit of 10,000.
(b) If in the preceeding case the proprietor had introduced additional capital of 10,000 and had withdrawn
6,000 for personal use.
(c) If in the preceeding case, apart from loan, Z owes 5,000 to a supplier of goods on 31st March, 2016.
XI ACCOUNTANCY PRACTICE SHEET | 2023-24
11. Prove that accounting equation is satisfied in all the following transactions of Swati Goyal.
(i) Started business with cash 3,00,000.
(ii) Paid rent in advance 9,000.
(iii) Purchased goods for cash 1,50,000 and credit 60,000.
(iv) Sold goods for cash 2,40,000 costing 1,20,000.
(v) Paid salary in cash 13,500 and salary outstanding 3,000.
(vi) Bought motor cycle for personal use 90,000.
Ans Assets = Liabilities + Capital 3,76,500 = 63,000 + 3,13,500
12. Rohit has the following transactions.
(i) Commenced business with cash ₹ 1,50,000
(ii) Purchased machinery on credit ₹ 40,000
(iii) Purchased goods for cash ₹ 20,000
(iv) Purchased car for personal use ₹ 80,000
(v) Paid to creditors in full settlement ₹ 38,000
(vi) Sold goods for cash costing ₹ 5,000 ₹ 4,500
(vii) Paid rent ₹ 1,000
(viii) Commission received in advance ₹ 2,000
Prepare the accounting equation to show the effect of the above transactions on the assets, liabilities and
capital.
Ans: Assets = Liabilities + Capital
73,500 = 2,000 + 71,500
13. Show the accounting equation on the basis of the following transactions
(i) Udit started business with Amt (₹)
(a) Cash 5,00,000
(b) Goods 1,00,000
(ii) Purchased building for cash 2,00,000
(iii) Purchased goods from Himani 50,000
(iv) Sold goods to Ashu (cost 25,000) 36,000
(v) Paid insurance premium 3,000
(vi) Rent outstanding 5,000
(vii) Depreciation on building 8,000
(viii) Cash withdrawn for personal use 20,000
(ix) Rent received in advance 5,000
(x) Cash paid to Himani on account 20,000
(xi) Cash received from Ashu 30,000
(xi) Received interest 1,000
Ans Assets = Liabilities + Capital
6,16,000 = 40,000 + 5,76,000
14. Prepare the accounting equation on the basis of the following.
(i) Started business with cash 40,000 and machinery 25,000
(ii) Purchased goods from Vivek 5,000.
(iii) Accrued interest 1,000
(iv) Commission received in advance 500
(v) Interest on capital @ 10% (only on cash introduced as capital).
(vi) Proprietor paid the fee of his son 2,500 (withdrawn from business).
(vii) Sold goods on credit (costing 5,000) for 6,000 to Puneet.
(viii) Bought furniture from Aakash 7,500 and paid 2,500 in cash and for the balance, bill was accepted.
Ans Assets = Liabilities + Capital
75,000 = 10,500 + 64,500
