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Question 17 Chapter 3 of Unimax Publications Class 11

Question 17 Chapter 3 of Unimax Publications Class 11
Question 17 Chapter 3 of Unimax Publications Class 11

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Question 17 Chapter 3 Unimax

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17. Prepare the accounting equation from the following:
(i) Commenced business with cash Rs. 8,00,000.
(ii) Purchased goods from other state worth Rs. 40,000 plus IGST 12%.
(iii) Purchased goods worth Rs. 60,000 plus CGST 6% and SGST 6% from Simran.
(iv) Sold goods costing Rs. 40,000 for Rs. 50,000 plus CGST 6% and SGST 6%.
(v) Paid Salaries Rs. 30,000.
(vi) Purchased Car for the business Rs. 4,00,000 plus CGST 14% and SGST 14%.
(vii) Sold goods in other state costing Rs. 20,000 for Rs. 28,000 plus IGST 12%.
(viii) Paid Electricity bill Rs. 7,000.

The solution of Question 17 Chapter 3 – Unimax:

Transactions AssetsLiabilities 
+ Capital
 Cash+Stock+Input CGST +Input SGST +Input IGST
+carCreditor+Output CGST+Output SGST+Output IGST 
1. started business with cash 8,00,000 .8,00,000         8,00,000
2. goods from other state worth Rs. 40,000 plus IGST 12%44,80040,000  4,800      
3. goods worth Rs. 60,000 plus CGST 6% and SGST 6% from Simran 60,0003,6003,600  67,200    
4. Sold goods costing Rs. 40,000 for Rs. 50,000 plus CGST 6% and SGST 6%56,00040,000     3,0003,000 10,000
5. Paid Salaries Rs. 30,000.30,000         30,000
6. Purchased Car for the business Rs. 4,00,000 plus CGST 14% and SGST 14%5,12,000    5,12,000     
7. Sold goods in other state costing Rs. 20,000 for Rs. 28,000 plus IGST 12%31,36020,000       3,3608,000
8. Paid Electricity bill Rs. 7,0007.000         7.000
            
 2,93,56040,0003,6003,6004,8005,12,00067,2003,0003,0003,3607,81,000
 8,57,5608,57,560

This is all about the Question 17 Chapter 3 – Unimax. You can check out the following article to better understand:

What is Accounting Equation | Example

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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

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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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