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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 22 Chapter 3 - Unimax
22. Gaurav had the following transactions. Use accounting equations to show their effect his assets, liabilities and capital:
(a) Commenced business with cash Rs. 1,00,000
(b) Purchased goods Rs. 40,000 on credit
(c) Sold goods for Rs. 35,000 (costing Rs. 26,000) on credit
(d) Returned goods to supplier Rs. 10,000
(e) Salaries paid Rs. 600
(f) Salaries outstanding Rs. 120
(g) Bought machinery for Rs. 5,000 on credit
(h) Goods returned by a customer cost Rs. 13,000
(i) Bought Almirah for personal use Rs. 4,000
| Transactions | Assets | Liabilities |
+ Capital | |||||
|---|---|---|---|---|---|---|---|---|
| Cash | +Stock | +Machinery | +Debtors | +Creditors Machinery |
Creditors | +O/S Salaries |
||
| (a) Commenced business with cash | +1,00,000 | +1,00,000 | ||||||
| (b) Purchased goods on credit | +0 | +40,000 | +40,000 | +0 | ||||
| (c) Sold goods for Rs. 35,000 (costing Rs. 26,000) on credit | +0 | -26,000 | +35,000 | +0 | +9,000 | |||
| (d) Returned goods to supplier | +0 | -10,000 | +0 | -10,000 | +0 | |||
| (e) Salaries paid | -600 | +0 | +0 | +0 | -600 | |||
| (f) Salaries outstanding | +0 | +0 | +0 | +0 | +120 | -120 | ||
| (g) Bought machinery on credit | +0 | +0 | +0 | +5,000 | +5,000 | +0 | +0 | +0 |
| (h) Goods returned by a customer | +0 | +13,000 | -13,000 | +0 | +0 | +0 | +0 | +0 |
| (i) Bought Almirah for personal use | -4,000 | +0 | +0 | +0 | +0 | +0 | +0 | -4,000 |
| 95,400 | +17,000 | +22,000 | +5,000 | +5,000 | +30,000 | +120 | +1,04,280 | |
| 1,39,400 | 1,39,400 | |||||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Creditors | 30,000 | Cash | 95,400 |
| Outstanding Salaries | 120 | Stock | 17,000 |
| Creditors for Machinery | 5,000 | Debtors | 22,000 |
| Capital | 1,04,280 | Machinery | 5,000 |
| 1,39,400 | 1,39,400 |
This is all about the Question 22 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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