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Question 15 Chapter 3 – Unimax Publications of Class 11
15. Show the effect of the following transactions on acing Equation.
1) Rahul commenced business with cash Rs. 80,000 and Bank Rs. 30,000.
2) Purchased goods on credit from Sunil Rs. 60,000.
3) Sold 2/3 of the above goods at a profit of 20% on sales. Half the payment received immediately.
4) 1/2 of the amount due to Sunil was paid after deducting 4% cash discount
5) Accepted a bill drawn by Sunil 29,000 for full settlement of his Account.
6) Goods donated to Leh Ladakh residents Rs. 10,000.
The solution of Question 15 Chapter 3 – Unimax Publications of Class 11:
| Transactions | Assets | Liabilities | + Capital | ||||
| Cash | +Stock | +Bank | +Debtors | +Sunil | +B/P | ||
| 1. Rahul commenced business with cash and Bank. | +80,000 | + 30,000 | +1,10,000 | ||||
| 2. Purchased goods on credit from Sunil | 0 | +0 | +60,000 | +60,000 | +0 | ||
| 3. Sold 2/3 of the above goods at a profit of 20% on sales. Half the payment received immediately. | -25,000 | +0 | -40,000 | +25,000 | +0 | +10,000 | |
| 4. 1/2 of the amount due to Sunil was paid after deducting 4% cash discount | -28,800 | +0 | +0 | +0 | -30,000 | +1,200 | |
| 5. Accepted a bill drawn by Sunil 29,000 for full settlement of his Account. | +0 | +0 | +0 | +0 | -30,000 | 29,000 | +1,000 |
| 6. Goods donated to Leh Ladakh residents | +0 | +0 | -10,000 | +0 | +0 | +0 | -10,000 |
| 76,200 | 30,000 | +10,000 | +25,000 | +0 | 29,000 | 1,12,200 | |
| 1,41,200 | 1,41,200 | ||||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
| Sunil | 0 | Cash | 76,200 |
| Bills payable | 29,000 | Bank | 30,000 |
| Capital | 1,12,200 | Stock | 10,000 |
| Debtors | 25,000 | ||
| 1,41,200 | 1,41,200 |
Working Notes: –
| (tans iii) 2/3 of 60,000 = | 60,000 x | 2 | = 40,000 |
| 3 | |||
| Profit 20% on cost = | 40,000 x | 20 | = 5,000 |
| 100 – 20 | |||
| 40,000 x | 20 | = 10,000 | |
| 80 |
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