Question 15 Chapter 3 - Unimax Publications of Class 11

Question 15 Chapter 3 – Unimax

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The solution of Question 15 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

15. Show the effect of the following transactions on acing Equation.
1) Rahul commenced business with cash Rs. 80,000 and Bank Rs. 30,000.
2) Purchased goods on credit from Sunil Rs. 60,000.
3) Sold 2/3 of the above goods at a profit of 20% on sales. Half the payment received immediately.
4) 1/2 of the amount due to Sunil was paid after deducting 4% cash discount
5) Accepted a bill drawn by Sunil 29,000 for full settlement of his Account.
6) Goods donated to Leh Ladakh residents Rs. 10,000.

The solution of Question 15 Chapter 3 – Unimax:

Transactions	Assets				Liabilities		+ Capital
	Cash	+Stock	+Bank	+Debtors	+Sunil	+B/P
1. Rahul commenced business with cash and Bank.	+80,000	+ 30,000					+1,10,000
2. Purchased goods on credit from Sunil	0	+0	+60,000		+60,000		+0
3. Sold 2/3 of the above goods at a profit of 20% on sales. Half the payment received immediately.	-25,000	+0	-40,000	+25,000	+0		+10,000
4. 1/2 of the amount due to Sunil was paid after deducting 4% cash discount	-28,800	+0	+0	+0	-30,000		+1,200
5. Accepted a bill drawn by Sunil 29,000 for full settlement of his Account.	+0	+0	+0	+0	-30,000	29,000	+1,000
6. Goods donated to Leh Ladakh residents	+0	+0	-10,000	+0	+0	+0	-10,000

	76,200	30,000	+10,000	+25,000	+0	29,000	1,12,200
	1,41,200				1,41,200

BALANCE SHEET

Liabilities	Amount	Assets	Amount
Sunil	0	Cash	76,200
Bills payable	29,000	Bank	30,000
Capital	1,12,200	Stock	10,000
		Debtors	25,000

	1,41,200		1,41,200

Working Notes: –

(tans iii) 2/3 of 60,000 =	60,000 x	2	= 40,000
		3
Profit 20% on cost =	40,000 x	20	= 5,000
		100 – 20
	40,000 x	20	= 10,000
		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 15 Chapter 3 – Unimax Publications of Class 11

The solution of Question 15 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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