Question 18 Chapter 3 – Unimax Publications of Class 11

Q-18- CH-3 Solution

Question 18 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

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

This is all about the Question 18 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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