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Question 10 Chapter 3 - Unimax
10. Prove that the accounting equation is satisfied in all the following transactions Sandeep and Prepare Balance Sheet at end.
(i)Commenced business with cash Rs. 1,80,000 and Bank Balance Rs. 60,000.
(ii) Cash withdrawn from bank for office use Rs. 20,000.
(iii) Internet bill paid in cash Rs. 10,000.
(iv) Provide interest on capital Rs. 5,000.
(v) Commission received by cheque Rs. 20,000.
(vi) Cash withdrawn from bank for personal use Rs. 3,000.
(vii) Additional Capital introduced Rs. 20,000.
(viii) Charged interest on drawings Rs. 4,000.
| Transactions | Assets | = Liabilities | + Capital | |
|---|---|---|---|---|
| Cash | +Bank | |||
| (i) Commenced business with cash & bank | +1,80,000 | +60,000 | 0 | +2,40,000 |
| (ii) Cash withdrawn from Bank for office use | +20,000 | -20,000 | 0 | + 0 |
| (iii) Internet bill paid in cash | -10,000 | +0 | 0 | -10,000 |
| (iv) Provide interest on capital | 0 | +0 | 0 | +5,000 |
| (v) Commission received by cheque | 0 | +20,000 | 0 | +20,000 |
| (vi) Cash withdrawn from bank for personal use. | 0 | -3,000 | 0 | -3,000 |
| (vii) Additional capital introduced | +20,000 | +0 | 0 | +20,000 |
| (viii) Charged interest on drawings | 0 | +0 | 0 | -4,000 |
| 2,10,000 | +57,000 | 0 | 2,68,000 | |
| 2,67,000 | 2,67,000 | |||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Capital | 2,67,000 | Cash | 2,10,000 |
| Bank | 57,000 | ||
| 2,67,000 | 2,67,000 |
This is all about the Question 10 Chapter 3 - Unimax. You can check out the following article to better understand:
What is Accounting Equation | Example
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What is the Accounting Equation- In Hindi
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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