Question 18 Chapter 3 - Unimax Publications of Class 11

Question 18 Chapter 3 – Unimax

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The solution of Question 18 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

18. Prepare accounting equations on the basis of following transactions :
(i)Commenced business with cash RS. 75,000
(ii) Rent paid in advance Rs. 840
(iii) Purchased goods for cash Rs. 25,000 and credit Rs. 18,000
(iv) Sold goods (costing Rs. 12,000) for cash Rs. 15,000
(v) Paid salaries Rs. 2,400 and salaries outstanding Rs. 600
(vi) Bought motor-cycle for personal use Rs. 11,000

The solution of Question 18 Chapter 3 – Unimax:

Transactions	Assets			Liabilities		+ Capital
	Cash	+Prepaid	+Stock	Creditors	+O/S salaries
(i)Commenced business with cash	+75,000					+75,000
(ii) Rent paid in advance	-840	+840				+0
(iii) Purchased goods for cash and credit	-25,000	+0	+43,000	18,000		+0
(iv) Sold goods for cash	+15,000	+0	-12,000	0		+3,000
(v) Paid salaries and salaries outstanding	-2,400	+0	+0	0	+600	-3,000
(vi) Bought motor-cycle for personal use	-11,000	+0	+0	+0	+0	11,000

	-50,760	+840	+31,000	18,000	+600	+64,000
	+82,600				+82,600

BALANCE SHEET

Liabilities	Amount	Assets	Amount
Creditors	18,000	Cash	50,760
Outstanding Salaries	600	Prepaid rent	840
Capital	64,000	Stock	31,000

	82,600		82,600

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What is Accounting Equation | Example

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Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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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 18 Chapter 3 – Unimax Publications of Class 11

The solution of Question 18 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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