Question 24 Chapter 3 - Unimax Publications of Class 11

Question 24 Chapter 3 - Unimax

24. Prepare the accounting equation of Sunny for 2020-2021.
(a)Sunny started business with bank balance Rs. 90,000.
(b) Purchase furniture Rs, 10,000.
(c) Taxes collected from the customer Rs. 10,000.
(d) Bank charges Rs. 1,000
(e) Collected Taxes deposited with the government Rs. 8,000.
(f) Income Tax paid by cheque Rs. 10,000.
(g) Depreciate furniture Rs. 500.
(h) Life Insurance Premium paid in cash Rs. 2,000

The solution of Question 24 Chapter 3 - Unimax:

Transactions	Assets			Liabilities	+ Capital
	Bank	+Cash	+Furniture	Tax Collected
(a)Sunny started business with bank	+90,000				+90,000
(b) Purchase furniture	-10,000		10,000		+0
(c) Taxes collected from the customer		+10,000		+10,000	+0
(d) Bank charges	-1,000	+0	+0	+0	-1,000
(e) Collected Taxes deposited with the government	+0	-8,000		-8,000	+0
(f) Income Tax paid by cheque	-10,000	+0	+0	+0	-10,000
(g) Depreciate furniture	+0		-500	+0	-500
(h) Life Insurance Premium paid in cash	+0	+0	-2,000	+0	-2,000
	+69,000	+9,500	+0	+2,000	+76,500
	78,500			78,500

BALANCE SHEET

Liabilities	Amount	Assets	Amount
Tax Collectors	2,000	Cash	69,000
Capital	76,500	Bank	9,500
		Furniture	0
	78,500		78,500

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What is Accounting Equation | Example

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What is the Accounting Equation- In Hindi

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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