Question 28 Chapter 3 – Unimax Publications of Class 11

Question 27 Chapter 3 - Unimax Publications of Class 11

Question 28 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

28. Prepare Accounting Equation of the following transactions and also the Balance Sheet:

1. Manu started business with cash.
Opened a Bank Account and transferred Rs. 4,00,000 from his Savings Account.
1,00,000
2. Purchased a building from Sohan for Rs. 12,00,000 paid by taking a loan from SBI. 10,00,000
3. Paid interest on loan Rs. 20,000 and installment of Rs. 1,00,000.  
4. Purchased goods from Rohan on credit. 1,00,000
5. Goods returned to Rohan costing. 20,000
6. Sold goods costing Rs. 40,000 for Rs. 50,000 on credit to Ram.  
7. Took goods from business for personal use. 10,000
8. Accrued interest. 5,000
9. Commission received in advance. 20,000
10. Cash received from Ram. 10,000

The solution of Question 28 Chapter 3 – Unimax:

Transactions Assets     Liabilities
+Capital
  Cash +Bank +Building +Stock +Ram +Accrued Interest unearned Commission Sohan Loan Rohan  
1. Manu started business with cash. 1,00,000 4,00,000                 5,00,000
2. Purchased a building from Sohan for Rs. 12,00,000 paid by taking a loan from SBI.     12,00,000         2,00,000 10,00,000    
3. Paid interest on loan Rs. 20,000 and installment of Rs. 1,00,000.   1,20,000             1,00,000   20,000
4. Purchased goods from Rohan on credit.       1,00,000           1,00,000  
5. Goods returned to Rohan costing.       20,000           20,000  
6. Sold goods costing Rs. 40,000 for Rs. 50,000 on credit to Ram.       40,000 50,000           10,000
7. Took goods from business for personal use.       10,000             10,000
8. Accrued interest.           5,000         5,000
9. Commission received in advance. 20,000           20,000        
10. Cash received from Ram. 10,000       10,000            
                       
  1,30,000 2,80,000 12,00,000 30,000 40,000 5,000 20,000 2,00,000 9,00,000 80,000 4,85,000
  16,85,000 16,85,000

BALANCE SHEET

Liabilities Amount Assets Amount
Unearned Commission 20,000 Cash 1,30,000
Sohan 2,00,000 Bank 2,80,000
Loan 9,00,000 Building 12,00,000
Rohan 80,000 Stock 30,000
Capital 4,85,000 Ram 40,000
    Accrued Interest 5,000
  16,85,000   16,85,000

This is all about the Question 28 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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