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Question 28 Chapter 3 - Unimax
28. Prepare Accounting Equation of the following transactions and also the Balance Sheet:
| 1. Manu started business with cash. Opened a Bank Account and transferred Rs. 4,00,000 from his Savings Account. |
1,00,000 |
| 2. Purchased a building from Sohan for Rs. 12,00,000 paid by taking a loan from SBI. | 10,00,000 |
| 3. Paid interest on loan Rs. 20,000 and installment of Rs. 1,00,000. | |
| 4. Purchased goods from Rohan on credit. | 1,00,000 |
| 5. Goods returned to Rohan costing. | 20,000 |
| 6. Sold goods costing Rs. 40,000 for Rs. 50,000 on credit to Ram. | |
| 7. Took goods from business for personal use. | 10,000 |
| 8. Accrued interest. | 5,000 |
| 9. Commission received in advance. | 20,000 |
| 10. Cash received from Ram. | 10,000 |
| Transactions | Assets | Liabilities |
+Capital | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | +Bank | +Building | +Stock | +Ram | +Accrued Interest | unearned Commission | Sohan | Loan | Rohan | ||
| 1. Manu started business with cash. | 1,00,000 | 4,00,000 | 5,00,000 | ||||||||
| 2. Purchased a building from Sohan for Rs. 12,00,000 paid by taking a loan from SBI. | 12,00,000 | 2,00,000 | 10,00,000 | ||||||||
| 3. Paid interest on loan Rs. 20,000 and installment of Rs. 1,00,000. | 1,20,000 | 1,00,000 | 20,000 | ||||||||
| 4. Purchased goods from Rohan on credit. | 1,00,000 | 1,00,000 | |||||||||
| 5. Goods returned to Rohan costing. | 20,000 | 20,000 | |||||||||
| 6. Sold goods costing Rs. 40,000 for Rs. 50,000 on credit to Ram. | 40,000 | 50,000 | 10,000 | ||||||||
| 7. Took goods from business for personal use. | 10,000 | 10,000 | |||||||||
| 8. Accrued interest. | 5,000 | 5,000 | |||||||||
| 9. Commission received in advance. | 20,000 | 20,000 | |||||||||
| 10. Cash received from Ram. | 10,000 | 10,000 | |||||||||
| 1,30,000 | 2,80,000 | 12,00,000 | 30,000 | 40,000 | 5,000 | 20,000 | 2,00,000 | 9,00,000 | 80,000 | 4,85,000 | |
| 16,85,000 | 16,85,000 | ||||||||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Unearned Commission | 20,000 | Cash | 1,30,000 |
| Sohan | 2,00,000 | Bank | 2,80,000 |
| Loan | 9,00,000 | Building | 12,00,000 |
| Rohan | 80,000 | Stock | 30,000 |
| Capital | 4,85,000 | Ram | 40,000 |
| Accrued Interest | 5,000 | ||
| 16,85,000 | 16,85,000 |
This is all about the Question 28 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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