Question 25 Chapter 3 of Unimax Publications Class 11

Question 25 Chapter 3 of Unimax Publications Class 11

Question 25 Chapter 3 Unimax

Free Accounting book Solution - Class 11 and Class 12

25. Show the accounting equation on the basis of following transactions:
(a) Commenced business with ₹ 65,000
(b) Paid rent in advance ₹ 1,200
(c) Purchased a typewriter for ₹ 4,000
(d) Bought furniture on credit for ₹ 2,100 from X
(e) Purchased goods for cash ₹ 24,000
(f) Sold goods (cost in Rs.12000) for cash ₹ 20,000
(g) Purchased household goods for ₹ 10,000 giving ₹ 4,000 in cash and balance through loan.
(h) Goods destroyed by fire (cost price ₹ 300, ₹ sale price 375)
(i) Paid cash 1,000 for loan and 300 for interest
(j) Withdraw goods for personal use (cost prices ₹ 250, sale price ₹ 320)
(k) Paid salary ₹ 700 and salary outstanding ₹ 140
(l) Charge depreciation ₹ 120 on furniture
(m) Paid ₹ 2050 to X in full settlement
(n) Paid telephone bill ₹ 420.

The solution of Question 25 Chapter 3 – Unimax:

Transactions Assets Liabilities 
+ Capital
  Cash +Prepaid Rent +Office equipment +Furniture +Stock
X +Loan +O/S Salaries  
(a) Commenced business with ₹ 65,000 65,000               65,000
(b) Paid rent in advance ₹ 1,200 1,200 1,200              
(c) Purchased a typewriter for ₹ 4,000 4,000   4,000            
(d) Bought furniture on credit for ₹ 2,100 from X       2,100   2,100      
(e) Purchased goods for cash ₹ 24,000 24,000       24,000        
(f) Sold goods (cost in Rs.12000) for cash ₹ 20,000 20,000       12,000       8,000
(g) Purchased household goods for ₹ 10,000 giving ₹ 4,000 in cash and balance through loan. 4,000           6,000   10,000
(h) Goods destroyed by fire (cost price ₹ 300, ₹ sale price 375)         300       300
(i) Paid cash 1,000 for loan and 300 for interest 1,300           1,000   300
(j) Withdraw goods for personal use (cost prices ₹ 250, sale price ₹ 320)         250       250
(k) Paid salary ₹ 700 and salary outstanding ₹ 140 700           140   840
(l) Charge depreciation ₹ 120 on furniture       120         120
(m) Paid ₹ 2050 to X in full settlement 2,050         2,100     50
(n) Paid telephone bill ₹ 420. 420               420
                   
  47,330 1,200 4,000 1,980 11,450 5,000 140 60,820
  65,960 65,960

BALANCE SHEET

Liabilities Amount Assets Amount
X (Creditors) 0 Cash 47,330
Outstanding Salaries 140 Prepaid Rent 1,200
Capital 60,820 Office Equipment 4,000
Loan 5,000 Furniture 1,980
    Stock 11,450
  65,960   65,960

This is all about the Question 25 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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