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Question 24 Chapter 3 – Unimax Publications of Class 11
24. Prepare the accounting equation of Sunny for 2020-2021.
(a)Sunny started business with bank balance Rs. 90,000.
(b) Purchase furniture Rs, 10,000.
(c) Taxes collected from the customer Rs. 10,000.
(d) Bank charges Rs. 1,000
(e) Collected Taxes deposited with the government Rs. 8,000.
(f) Income Tax paid by cheque Rs. 10,000.
(g) Depreciate furniture Rs. 500.
(h) Life Insurance Premium paid in cash Rs. 2,000
The solution of Question 24 Chapter 3 – Unimax Publications of Class 11:
| Transactions | Assets | Liabilities | + Capital | ||
| Bank | +Cash | +Furniture | Tax Collected | ||
| (a)Sunny started business with bank | +90,000 | +90,000 | |||
| (b) Purchase furniture | -10,000 | 10,000 | +0 | ||
| (c) Taxes collected from the customer | +10,000 | +10,000 | +0 | ||
| (d) Bank charges | -1,000 | +0 | +0 | +0 | -1,000 |
| (e) Collected Taxes deposited with the government | +0 | -8,000 | -8,000 | +0 | |
| (f) Income Tax paid by cheque | -10,000 | +0 | +0 | +0 | -10,000 |
| (g) Depreciate furniture | +0 | -500 | +0 | -500 | |
| (h) Life Insurance Premium paid in cash | +0 | +0 | -2,000 | +0 | -2,000 |
| +69,000 | +9,500 | +0 | +2,000 | +76,500 | |
| 78,500 | 78,500 | ||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
| Tax Collectors | 2,000 | Cash | 69,000 |
| Capital | 76,500 | Bank | 9,500 |
| Furniture | 0 | ||
| 78,500 | 78,500 |
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