Question 25 Chapter 3 of Unimax Publications Class 11

Question 25 Chapter 3 Unimax

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The solution of Question 25 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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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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

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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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The solution of Question 25 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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