Question 26 Chapter 3 - Unimax Publications of Class 11

Question 26 Chapter 3 – Unimax

Table of Contents

26. Present the following transactions in the Accounting Equation:

1. Ram started business with cash Rs. 25,000 and cheque of Rs. 25,000 to open a Bank Account
2. Purchased goods on credit	4,000
3. Purchased goods for cash	1,000
4. Purchased furniture for cash	500
5. Withdrew cash for private use from Bank	700
6. Paid rent	200
7. Received interest from Bank	100
8 Sold goods on credit ( cost Rs. 500)	700
9 Paid to creditor	400
10. Paid Petty Expenses	200

The solution of Question 26 Chapter 3 – Unimax:

Transactions	Assets					Liabilities	+Capital
	Cash	+Bank	+Stock	+Furniture	+Debtors	Creditors
(i) Ram started business with cash and cheque	+25,000	+25,000					+50,000
(ii) Purchased goods as credit	+0	+0	+4,000			+4,000	+0
(iii) Purchased good for cash	-1,000	+0	+1,000			+0	+0
(iv) Purchased furniture for cash	-500	+0	+0	+500		+0	+0
(v) Withdrew Cash for private use from bank	+0	-700	+0	+0		+0	-700
(vi) Paid rent	-200	+0	+0	+0		+0	-200
(vii) Received cash for int. from bank	+0	+100	+0	+0		+0	+100
(viii) Sold goods on credit(500)	+0	+0	-500	+0	+700	+0	+200
(ix) Paid to creditors	-400	+0	+0	+0	+0	-400	+0
(x) Paid Petty Express	-200	+0	+0	+0	+0	+0	-200

	22,700	+24,400	+4,500	+500	+700	+3,600	+49,200
	52,800					52,800

BALANCE SHEET

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