Question 24 Chapter 3 – Unimax Publications of Class 11

Q-24- CH-3 Solution

Question 24 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

24. Prepare the accounting equation of Sunny for 2020-2021.
(a)Sunny started business with bank balance Rs. 90,000.
(b) Purchase furniture Rs, 10,000.
(c) Taxes collected from the customer Rs. 10,000.
(d) Bank charges Rs. 1,000
(e) Collected Taxes deposited with the government Rs. 8,000.
(f) Income Tax paid by cheque Rs. 10,000.
(g) Depreciate furniture Rs. 500.
(h) Life Insurance Premium paid in cash Rs. 2,000

The solution of Question 24 Chapter 3 – Unimax:

Transactions Assets Liabilities  + Capital
  Bank +Cash +Furniture Tax Collected  
(a)Sunny started business with bank +90,000       +90,000
(b) Purchase furniture -10,000   10,000   +0
(c) Taxes collected from the customer   +10,000   +10,000 +0
(d) Bank charges -1,000 +0 +0 +0 -1,000
(e) Collected Taxes deposited with the government +0 -8,000   -8,000 +0
(f) Income Tax paid by cheque -10,000 +0 +0 +0 -10,000
(g) Depreciate furniture +0   -500 +0 -500
(h) Life Insurance Premium paid in cash +0 +0 -2,000 +0 -2,000
           
  +69,000 +9,500 +0 +2,000 +76,500
  78,500
78,500

BALANCE SHEET

Liabilities Amount Assets Amount
Tax Collectors 2,000 Cash 69,000
Capital 76,500 Bank 9,500
    Furniture 0
       
  78,500   78,500

This is all about the Question 24 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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