{"id":4162,"date":"2023-11-27T09:59:24","date_gmt":"2023-11-27T04:29:24","guid":{"rendered":"http:\/\/ncertsolutions.guru\/?p=4162"},"modified":"2023-11-28T09:47:21","modified_gmt":"2023-11-28T04:17:21","slug":"ts-grewal-accountancy-class-11-solutions-chapter-1","status":"publish","type":"post","link":"https:\/\/ncertsolutions.guru\/ts-grewal-accountancy-class-11-solutions-chapter-1\/","title":{"rendered":"TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms"},"content":{"rendered":"

TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms are part of TS Grewal Accountancy Class 11 Solutions<\/a>. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms.<\/p>\n\n\n\n\n\n\n\n\n\n\n
Board<\/strong><\/td>\nCBSE<\/td>\n<\/tr>\n
Textbook<\/strong><\/td>\nNCERT<\/td>\n<\/tr>\n
Class<\/strong><\/td>\nClass 11<\/td>\n<\/tr>\n
Subject<\/strong><\/td>\nAccountancy<\/td>\n<\/tr>\n
Chapter<\/strong><\/td>\nChapter 1<\/td>\n<\/tr>\n
Chapter Name<\/strong><\/td>\nBasic Accounting Terms<\/td>\n<\/tr>\n
Number of Questions Solved<\/strong><\/td>\n1<\/td>\n<\/tr>\n
Category<\/strong><\/td>\nTS Grewal Solutions<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms<\/h2>\n

Question 1.
\nMr. Gopal started business for buying and selling of readymade garments with \u20b9 8,00,000 as an initial investments. Out of this he paid \u20b9 4,00,000 for the purchase of garments and \u20b9 50,000 for furniture and \u20b9 50,000 for computers and the remaining amount was deposited into the bank. He sold some of the ladies and kids garments for \u20b9 3,00,000 for cash and some garments for \u20b9 1,50,000 on credit to Mr. Rajesh.<\/p>\n

Subsequently, he bought men’s garments of \u20b9 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 \u20b9 1,00,000 was destroyed. Later on, some garments which cost \u20b9 1,20,000 were sold for \u20b9 1,30,000. Expenses paid during the same period were \u20b9 15,000. Mr. Gopal withdrew \u20b9 20,000 from business for his domestic use.
\nFrom the above, answer the following:
\n(i) What is the amount of capital with which Mr. Gopal started the business ?
\n(ii) What fixed assets did he buy?
\n(iii) What is the value of goods purchased?
\n(iv) Who is the creditor and state the amount payable to him?
\n(v) Who is the debtor and what is the amount receivable from him?
\n(vi) What is the total amount of expenses?
\n(vii) What is the amount of drawings of Mr. Gopal?
\nSolution:
\n(i) Initial capital introduced by Mr. Gopal for starting the business of “Readymade Garments” is Rs.8,00,000.
\n(ii) He purchased two Fixed Assets i.e., Furniture and Computer. Therefore,
\nTotal Fixed Assets bought by him = Furniture + Computer = Rs.50,000 + Rs.50,000 = Rs.1,00,000
\n(iii) Value of the goods purchased by Mr. Gopal (Proprietor) = Purchase of Garments + Purchase of Men’s Garments
\n= 4,00,000 + 2,00,000 = Rs.6,00,000<\/p>\n

(iv) The creditor of the business is Mr. Satish with Rs.2,00,000 being payable to him.
\n(v) The debtor of the business is Mr. Rajesh with Rs.1,50,000 being the amount to be received from him.
\n(vi) Total amount of expenses is Rs.15,000. (note)
\n(vii) The amount of drawings of Mr. Gopal is Rs.20,000.
\nNote: 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.<\/p>\n

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms, drop a comment below and we will get back to you at the earliest.<\/p>\n

TS Grewal Solutions Class 11<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"

TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms. Board CBSE Textbook NCERT Class Class 11 Subject Accountancy Chapter Chapter 1 Chapter Name Basic Accounting Terms Number of Questions …<\/p>\n

TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms<\/span> Read More »<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[4],"tags":[],"yoast_head":"\nTS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms - NCERT Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ncertsolutions.guru\/ts-grewal-accountancy-class-11-solutions-chapter-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms - NCERT Solutions\" \/>\n<meta property=\"og:description\" content=\"TS Grewal Accountancy Class 11 Solutions Chapter 1 Basic Accounting Terms are part of TS Grewal Accountancy Class 11 Solutions. 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