Question 21 Chapter 3 - Unimax Publications of Class 11

Question 21 Chapter 3 - Unimax

21. Show the accounting equation on the basis of following transactions:
(i) Anant started business with Cash Rs. 80,000 and Stock Rs. 20,000 and Machine Rs. 45,000
(ii) Goods purchased Rs. 20,000 on credit.
(iii) Goods costing Rs. 10,000 sold for Rs. 15,000 on credit.
(iv) Purchased goods on cash Rs. 10,000.
(v) Depreciate Machine by Rs. 2,000.
(vi) Bad debts write off Rs. 4,000.
(vii) Cash received Rs. 9,500 from customer and allowed him discount Rs. 500.
(viii) Bad debts recovered Rs. 1,000.
(ix) Cash paid to creditors Rs. 19,600 for full settlement of his account.

The solution of Question 21 Chapter 3 - Unimax:

Transactions	Assets				Liabilities	+ Capital
	Cash	+Stock	+Machinery	+Debtors	Creditors
(i) Anant started business with Cash and Stock and Machine	+80,000	+20,000	+45,000			+1,45,000
(ii) Goods purchased on credit.	+0	+20,000	+0		+20,000	+0
(iii) Goods costing Rs. 10,000 sold for Rs. 15,000 on credit.	+0	-10,000	+0	+15,000	+0	+5,000
(iv) Purchased goods on cash	-10,000	+10,000	+0	+0	+0	+0
(v) Depreciate Machine	+0	+0	-2,000	+0	+0	-2,000
(vi) Bad debts write off	+0	+0	+0	-4,000	+0	-4,000
(vii) Cash received Rs. 9,500 from customer and allowed him discount	+9,500	+0	+0	-10,000	+0	-500
(viii) Bad debts recovered	+1,000	+0	+0	+0	+0	+1,000
(ix) Cash paid to creditors for full settlement of his	+19,600	+0	+0	+0	-20,000	+400
	60,900	+40,000	+43,000	+1,000	+0	+1,44,900
	1,44,900				1,44,900

BALANCE SHEET

Liabilities	Amount	Assets	Amount
Creditors	0	Cash	60,900
Capital	1,44,900	Stock	40,000
		Machinery	43,000
		Debtors	1,000
	1,44,900		1,44,900

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What is Accounting Equation | Example

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You can also Check out the solved question of other Chapters: -

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

• Chapter No. 1 – Introduction of Accounting
• Chapter No. 2 – Theory Base of Accounting
• Chapter No. 3 – Vouchers and Transactions
• Chapter No. 4 – Journal
• Chapter No. 5 – Goods and Services Tax (GST) : An Introduction
• Chapter No. 6 – Ledger
• Chapter No. 7 – Special Purpose Book – Cash Book
• Chapter No. 8 – Other Subsidiary Books
• Chapter No. 9 – Trial Balance
• Chapter No. 10 – Rectification of Errors
• Chapter No. 11 – Depreciation
• Chapter No. 12 – Provision and Reserves
• Chapter No. 13 – Bank Reconciliation Statement
• Chapter No. 14 – Bills of Exchange

Students may Choose only one part from the Part II and Part III

Part-II

• Chapter No. 15 – Financial Statements (Without Adjustments)
• Chapter No. 16 – Financial Statements (With Adjustments)
• Chapter No. 17 – Accounts from Incomplete Records – Single Entry System

Part-III

• Chapter No. 18 – Introduction to Computers and Accounting information System
• Chapter No. 19 – Computerised Accounting
• Chapter No. 20 – Accounting Software : Tally
• Chapter No. 21 – Data Base System
• Chapter No. 22 – Concept of Entity and Relationship

You can also Check out the other Books' Solution: -

• Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
• T.S. Grewal’s Double Entry Book Keeping (Class +1) – Solution
• D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution