Question 9 Chapter 3 – Unimax
9. Prepare Accounting equation on the basis of following:
(i) Mandeep started business with cash Rs. 3,50,000.
(ii) Borrowed cash Rs. 80,000 from bank.
(iii) Purchase goods Rs. 50,000 for cash.
(iv) Mandeep paid school fees of his son from the business Rs. 20,000.
(v) Repaid bank loan Rs. 30,000.
(vi) Sold goods for cash Rs. 30,000.
(vii) Repaid the balance of bank loan by borrowing equal amount from Rajveer.
The solution of Question 9 Chapter 3 – Unimax:
| Transactions | Assets | =Liabilities |
+Capital | ||
| Cash | +Stock | Loan from Bank | +Loan from Rajveer | ||
| (i) Mandeep started business with cash | +3,50,000 | +3,50,000 | |||
| (ii) Borrowed Cash from bank | +80,000 | 80,000 | +0 | ||
| (iii) Purchased goods | -50,000 | +50,000 | 0 | +0 | |
| (iv) Mandeep plaid school fees of his son from the business | -20,000 | +0 | 0 | -20,000 | |
| (v) Repaid Bank | -30,000 | +0 | -30,000 | +0 | |
| (vi) Sold goods for cash | +30,000 | -30,000 | 0 | +0 | |
| (vii) Repaid balance of bank loan by borrowing equal amount from Rajveer | 0 | +0 | -50,000 | +50,000 | +0 |
| 3,60,000 | +20,000 | 0 | 50,000 | +3,30,000 | |
| 3,80,000 | 3,80,000 | ||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
| Loan from Bank | 0 | Cash | 3,60,000 |
| Loan from Rajveer | 50,000 | Stock | 20,000 |
| Capital | 3,30,000 | ||
| 3,80,000 | 3,80,000 |
This is all about the Question 9 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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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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