Question 27 Chapter 3 – Unimax Publications of Class 11

Question 27 Chapter 3 – Unimax Publications of Class 11

Question 27 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

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

This is all about the Question 27 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

You can also Check out the other Books’ Solution: –

 

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