DK Goel Solutions Chapter 6 Accounting Equations

DK Goel Accountancy Class 11 Solutions Chapter 6 Accounting Equations are outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy books. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. There are numerous concepts in Accountancy, but the concepts of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required.

Also Read: What is the Bank Reconciliation Statement?

DK Goel Accountancy Class 11 Solutions – Chapter 6

Question 1

If the total asset of a business is ₹2,00,000 and the net worth (capital) is ₹1,50,000. Calculate creditors.

Solution

Creditor (Liabilities)= Assets – Capital

= ₹2,00,000- ₹1,50,000 = ₹50,000

Question 2

A business is launched on 1st April 2011 with a capital of ₹5,00,000. On 31st March 2012, his assets were worth ₹7,80,000 and liabilities ₹70,000. Find out his closing capital and profits earned during the year.

Solution

Closing Capital= Closing Assets-Closing liabilities

= 7,80,000 – ₹70,000 = ₹ 7,10,000

Profit = Closing Capital – Opening Capital

₹7,10,000- ₹ 5,00,000= ₹2,10,000

Question 3

On which side will the increase in the following account be recorded? Also, mention the nature of the account.

1. Cash 5. Proprietor’s Account

2. Machinery 6. Rent Received

3. Debtor 7. Salary Paid

4. Creditor 8. Interest Received

Solution

Properties Accounts Nature
Cash

Machinery

Debtor

Creditor

Proprietor’s Account

Rent Received

Salary Paid

Interest Received

Debit

Debit

Debit

Credit

Credit

Credit

Debit

Credit

Asset

Asset

Asset

Liability

Capital

Income

Expenses

Income

Question 4

On which side will the increase in the following account be recorded? Also, mention the nature of the account.

1. Furniture 5.Salary Outstanding

2. Bank 6. Subash- a customer

3. Proprietor’s Account

4. Salary Paid

Solution

Properties Accounts Nature
Furniture

Bank

Proprietor’s Account

Salary Paid

Salary Outstanding

Subash- a customer

Credit

Credit

Debit

Credit

Debit

Credit

Asset

Asset

Capital A/c

Expenses

Liability

Asset

Also Check: DK Goel Solution for Chapter 7 Double Entry System

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