Question 15 Chapter 3 – Unimax Publications of Class 11

Q-15- CH-3 Solution

Question 15 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

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

This is all about the Question 15 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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