Question 3 Chapter 2 – Unimax Publications of Class 11

Posted by By Harveerjot Singh 5 Min Read September 22, 2021
Q-3- CH-2 Solution
Q-3- CH-2 Solution

Question 3 Chapter 2 – Unimax

Atul , a consultant, during the financial year 2019-20 earned Rs. 4,00,000. Out of which be received Rs. 3,50,000. He incurred an expense of Rs. 1,70,000, out of which Rs. 40,000 are outstanding. He also received consultancy fee relating to previous year Rs. 45,000 and also paid Rs. 20,000 expenses of last year. You are required to determine his income for the year, if
(a) He follows Cash Basis of Accounting and
(b) He follows Accrual Basis of Accounting.

The solution of Question 3 Chapter 2 – Unimax:

  Rs
(a)  Revenues (Inflow of Cash i.e. Cash Sales) 3,50,000
Less: Expenses (Outflow of Cash) (1,70,000-40,000)  1,30,000
Income  2,20,000
Add: Other (Inflow of Cash) (45,000-20,000) 25,000
Net Income
2,45,000
   
(b) Total Sales of the year 
 4,00,000
Total Expenses for the year
 1,70,000
Net Income =
 2,30,000

This is all about the Question 3 Chapter 2 – Unimax. You can check out the following article to better understand:

Financial Accounting Terminology

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Financial Accounting Terminology – Explained 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

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  • 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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