Question 17 Chapter 3 of Unimax Publications Class 11

Question 17 Chapter 3 of Unimax Publications Class 11

Question 17 Chapter 3 Unimax

Free Accounting book Solution - Class 11 and Class 12

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 Assets Liabilities 
+ Capital
  Cash +Stock +Input CGST +Input SGST +Input IGST
+car Creditor +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% 44,800 40,000     4,800            
3. goods worth Rs. 60,000 plus CGST 6% and SGST 6% from Simran   60,000 3,600 3,600     67,200        
4. Sold goods costing Rs. 40,000 for Rs. 50,000 plus CGST 6% and SGST 6% 56,000 40,000           3,000 3,000   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% 31,360 20,000               3,360 8,000
8. Paid Electricity bill Rs. 7,000 7.000                   7.000
                       
  2,93,560 40,000 3,600 3,600 4,800 5,12,000 67,200 3,000 3,000 3,360 7,81,000
  8,57,560 8,57,560

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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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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