Question 22 Chapter 3 – Unimax Publications of Class 11

Q-22- CH-3 Solution

Question 22 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

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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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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