Question 14 Chapter 3 - Unimax Publications of Class 11

Question 14 Chapter 3 – Unimax

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The solution of Question 14 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

14. Show the effect of following transactions on Accounting equation.
(a) George started business with cash Rs. 1,00,000 and bank balance Rs. 30,000.
(b) Purchased goods for cash Rs. 30,000 and on credit Rs. 20,000.
(c) Sold half of the total of above goods purchased at a profit of 20% on cost.
(d) Sold remaining goods purchased at a profit of 20% on sale.
(e) Purchased goods for Cash Rs. 45,000.
(f) Advance received from a customer Rs. 10,000 by cheque.
(g) Goods destroyed by fire Rs. 15,000. Insurance company admitted the claim for Rs. 8,000.

The solution of Question 14 Chapter 3 – Unimax:

Transactions	Assets				Liabilities		+ Capital
	Cash	+Bank	+Stock	+Claim Admitted	Creditors	+Advance from customers
(a) George started business with cash and bank balance	+1,00,000	+30,000					+1,30,000
(b) Purchased goods for cash and on credit.	-30,000	+0	+50,000		+20,000		+0
(c) Sold half of the total of above goods purchased at a profit of 20% on cost.	+30,000	+0	-25,000		0		+5,000
(d) Sold remaining goods purchased at a profit of 20% on sale.	+31,250	+0	-25,000		0		+6,250
(e) Purchased goods for Cash Rs. 45,000.	-45,000	+0	+45,000		0		0
(f) Advance received from a customer Rs. 10,000 by cheque.	+0	+10,000	+0		0	+10,000	0
(g) Goods destroyed by fire Rs. 15,000.	0	+0	-15,000	+8000	0	+0	-7,000

	86,250	40,000	30,000	8000	20,000	10,000	1,34,250
	1,64,250				1,64,250

BALANCE SHEET

Liabilities	Amount	Assets	Amount
Creditors	20,000	Cash	84,250
Advance from customers	10,000	Bank	40,000
Capital	1,34,250	Stock	30,000
		Claim admitted	8,000

	1,64,250		1,64,250

Working Notes: –

(iii) Half of 50,000 =	50,000 x	1	= 25,000
		2
20% Profit on cost =	25,000 x	20	= 5,000
		100

(iv) Remaing goods =	25,000
20% Profit on cost =	25,000 x	20
		100-20
	25,000 x	20	= 6,250
		80

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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 Reconlciliation 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 Compurters 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

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Question 14 Chapter 3 – Unimax Publications of Class 11

The solution of Question 14 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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