Question 14 Chapter 3 – Unimax Publications of Class 11

Q-14- CH-3 Solution

Question 14 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

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

This is all about the Question 14 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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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 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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