Question 7 Chapter 3 – Unimax Publications of Class 11

Q-7- CH-3 Solution

Question 7 Chapter 3 – Unimax

Free Accounting book Solution - Class 11 and Class 12

7. Prepare the accounting equations on the basis of following transactions:
(i) X commenced business with cash Rs. 1,00,000.
(ii) Purchased goods on credit Rs. 20,000
(iii) Cash deposited into bank Rs. 10,000
(iv) Sold goods on credit Rs. 20,000
(v) Purchased machinery Rs. 7,500

The solution of Question 7 Chapter 3 – Unimax:

Transactions Assets
=Liabilities  + Capital
  Cash +Stock + Bank + Debtors + Machinery  Creditors  
(i) Commenced business with cash +1,00,000           +1,00,000
(ii) Purchased goods on credit 0 + 20,000       20,000 +0
(iii) Cash deposited into bank -10,000 +0 +10,000     +0 +0
(iv) Sold goods on credit +0 -20,000 +0 +20,000   +0 +0
(v) Purchased Machinery -7,500 +0 +0 +0 +7,500 +0 +0
               
  82,500 +0 +10,000 +20,000 +7,500 20,000 + 1,00,000
  1,20,000 1,20,000

BALANCE SHEET

Liabilities Amount Assets Amount
Creditors 20,000 Cash 82,500
Capital 1,00,000 Stock 0
    Bank 10,000
    Debtors 20,000
    Machinery 7,500
       
  1,20,000   1,20,000

This is all about the Question 7 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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