Question 23 Chapter 3 – Unimax Publications of Class 11

Q-23- CH-3 Solution

Question 23 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12
23. Prepare the Accounting Equation on the basis of the following: Rs.
1. Sahib commenced business with cash 1,50,000 and Furniture 1,00,000
2. Machinery purchased for cash. 20,000
3. Purchased goods from Raman on credit. 25,000
4. Sold goods (costing 10,000) to Mohan for cash. 14,000
5. Additional capital introduced. 20,000
6. Commission received in advance. 2,000
7. Paid to creditor Raman in full settlement. 2,500
8. Sold goods (costing 15,000) for 18,000 out of which 5,000 received in cash.  
9. Depreciation on furniture provided @ 10%  

The solution of Question 23 Chapter 3 – Unimax:

Transactions Assets     Liabilities  + Capital
  Cash +Furniture +Machinery +Stock +Debtors
Raman +Unearned Commission  
1. Sahib commenced business with cash and Furniture +1,50,000 +1,00,000           +2,50,000
2. Machinery purchased for cash. -20,000 +0 +20,000         +0
3. Purchased goods from Raman +0 +0 +0 +25,000   +25,000   +0
4. Sold goods (costing 10,000) for cash. +14,000 +0 +0 -10,000   +0   +4,000
5. Additional capital introduced. +20,000 +0 +0 +0   +0   +20,000
6. Commission received in advance +2,000 +0 +0 +0   +0 +2,000 +0
7. Paid to creditor in full settlement. -22,500 +0 +0 +0   -25,000 +0 +2,500
8. Sold goods (costing 15,000) for 18,000 out of which 5,000 received in cash. +5,000 +0 +0 -15,000 +13,000 +0 +0 +3,000
9. Depreciation on furniture @ 10% +0 -10,000 +0 +0 +0 +0 +0 -10,000
                 
  1,48,500 +90,000 +20,000 +0 +13,000 +0 +2,000 +2,69,500
  2,71,500 2,71,500

BALANCE SHEET

Liabilities Amount Assets Amount
Raman 0 Cash 1,48,500
Unearned Commission 2,000 Furniture 90,000
Capital 2,69,500 Machinery 20,000
    Stock 0
    Debtors 13,000
       
  2,71,500   2,71,500

This is all about the Question 23 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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