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Question 27 Chapter 3 - Unimax
27. Mr. Ayush started a real estate agency business with a cash investment of 45,000. The following business transactions have been recorded:
(i) Paid three months advance rent for office accommodation Rs. 2,250
(ii) Bought car for office use Rs. 15,000
(iii) Purchased office furniture Rs. 3,500.
(iv) Bought office typewriter from X Rs. 1,800
(v) Sold extra office furniture at cost of Y for Rs. 1700. Y Paid Rs. 500 in cash and accepted a bill three months for the balance
(vi) Y paid the amount of the bill at maturity
(vii) Mr. Ayush paid half the amount he owed to X
(viii) Collected Rs. 2,600 as commission
(ix) Paid telephone bill amounting to Rs. 240
Prepare the Accounting Equation.
| Transactions | Assets | Liabilities | +Capital | |||||
|---|---|---|---|---|---|---|---|---|
| Cash | +Prepaid Rent | +Car | +Furniture | +offfice equipment | + B/R | X | ||
| Cash Investment | 45,000 | 45,000 | ||||||
| (i) Paid three months advance rent for office accommodation Rs. 2,250 | 2,250 | 2,250 | ||||||
| (ii) Bought car for office use Rs. 15,000 | 15,000 | 15,000 | ||||||
| (iii) Purchased office furniture Rs. 3,500. | 3,500 | 3,500 | ||||||
| (iv) Bought office typewriter from X Rs. 1,800 | 1,800 | 1,800 | ||||||
| (v) Sold extra office furniture at cost of Y for Rs. 1700. Y Paid Rs. 500 in cash and accepted a bill three months for the balance | 500 | 1,700 | 1,200 | |||||
| (vi) Y paid the amount of the bill at maturity | 1,200 | 1,200 | ||||||
| (vii) Mr. Ayush paid half the amount he owed to X | 900 | 900 | ||||||
| (viii) Collected Rs. 2,600 as commission | 2,600 | 2,600 | ||||||
| (ix) Paid telephone bill amounting to Rs. 240 | 240 | 240 | ||||||
| 27,410 | 2,250 | 15,000 | 1,800 | 1,800 | 0 | 900 | 47,360 | |
| 48,260 | 48,260 | |||||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Creditors X | 900 | Cash | 27,410 |
| Capital | 47,360 | Prepaid Rent | 2,250 |
| Car | 15,000 | ||
| Furniture | 1,800 | ||
| Office Equipment | 1,800 | ||
| Bill Receivable | 0 | ||
| 48,260 | 48,260 |
This is all about the Question 27 Chapter 3 - Unimax. You can check out the following article to better understand:
What is Accounting Equation | Example
You Can also read all above articles in Hindi on our Hindi Website
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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