Question 27 Chapter 3 - Unimax Publications of Class 11

Question 27 Chapter 3 – Unimax

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The solution of Question 27 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

27. Mr. Ayush started a real estate agency business with a cash investment of 45,000. The following business transactions have been recorded:
(i) Paid three months advance rent for office accommodation Rs. 2,250
(ii) Bought car for office use Rs. 15,000
(iii) Purchased office furniture Rs. 3,500.
(iv) Bought office typewriter from X Rs. 1,800
(v) Sold extra office furniture at cost of Y for Rs. 1700. Y Paid Rs. 500 in cash and accepted a bill three months for the balance
(vi) Y paid the amount of the bill at maturity
(vii) Mr. Ayush paid half the amount he owed to X
(viii) Collected Rs. 2,600 as commission
(ix) Paid telephone bill amounting to Rs. 240
Prepare the Accounting Equation.

The solution of Question 27 Chapter 3 – Unimax:

Transactions	Assets						Liabilities	+Capital
	Cash	+Prepaid Rent	+Car	+Furniture	+offfice equipment	+ B/R	X
Cash Investment	45,000							45,000
(i) Paid three months advance rent for office accommodation Rs. 2,250	2,250	2,250
(ii) Bought car for office use Rs. 15,000	15,000		15,000
(iii) Purchased office furniture Rs. 3,500.	3,500			3,500
(iv) Bought office typewriter from X Rs. 1,800					1,800		1,800
(v) Sold extra office furniture at cost of Y for Rs. 1700. Y Paid Rs. 500 in cash and accepted a bill three months for the balance	500			1,700		1,200
(vi) Y paid the amount of the bill at maturity	1,200					1,200
(vii) Mr. Ayush paid half the amount he owed to X	900						900
(viii) Collected Rs. 2,600 as commission	2,600							2,600
(ix) Paid telephone bill amounting to Rs. 240	240							240

	27,410	2,250	15,000	1,800	1,800	0	900	47,360
	48,260						48,260

BALANCE SHEET

Liabilities	Amount	Assets	Amount
Creditors X	900	Cash	27,410
Capital	47,360	Prepaid Rent	2,250
		Car	15,000
		Furniture	1,800
		Office Equipment	1,800
		Bill Receivable	0
	48,260		48,260

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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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Question 27 Chapter 3 – Unimax Publications of Class 11

The solution of Question 27 Chapter 3 – Unimax:

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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