Question 22 Chapter 3 - Unimax Publications of Class 11

Question 22 Chapter 3 – Unimax

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The solution of Question 22 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

22. Gaurav had the following transactions. Use accounting equations to show their effect his assets, liabilities and capital:
(a) Commenced business with cash Rs. 1,00,000
(b) Purchased goods Rs. 40,000 on credit
(c) Sold goods for Rs. 35,000 (costing Rs. 26,000) on credit
(d) Returned goods to supplier Rs. 10,000
(e) Salaries paid Rs. 600
(f) Salaries outstanding Rs. 120
(g) Bought machinery for Rs. 5,000 on credit
(h) Goods returned by a customer cost Rs. 13,000
(i) Bought Almirah for personal use Rs. 4,000

The solution of Question 22 Chapter 3 – Unimax:

Transactions	Assets				Liabilities			+ Capital
	Cash	+Stock	+Machinery	+Debtors	+Creditors Machinery	Creditors	+O/S Salaries
(a) Commenced business with cash	+1,00,000							+1,00,000
(b) Purchased goods on credit	+0	+40,000				+40,000		+0
(c) Sold goods for Rs. 35,000 (costing Rs. 26,000) on credit	+0	-26,000	+35,000			+0		+9,000
(d) Returned goods to supplier	+0	-10,000	+0			-10,000		+0
(e) Salaries paid	-600	+0	+0			+0		-600
(f) Salaries outstanding	+0	+0	+0			+0	+120	-120
(g) Bought machinery on credit	+0	+0	+0	+5,000	+5,000	+0	+0	+0
(h) Goods returned by a customer	+0	+13,000	-13,000	+0	+0	+0	+0	+0
(i) Bought Almirah for personal use	-4,000	+0	+0	+0	+0	+0	+0	-4,000

	95,400	+17,000	+22,000	+5,000	+5,000	+30,000	+120	+1,04,280
	1,39,400				1,39,400

BALANCE SHEET

Liabilities	Amount	Assets	Amount
Creditors	30,000	Cash	95,400
Outstanding Salaries	120	Stock	17,000
Creditors for Machinery	5,000	Debtors	22,000
Capital	1,04,280	Machinery	5,000

	1,39,400		1,39,400

This is all about the Question 22 Chapter 3 – Unimax. You can check out the following article to better understand:

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 22 Chapter 3 – Unimax Publications of Class 11

The solution of Question 22 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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