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Question 26 Chapter 3 – Unimax Publications of Class 11
26. Present the following transactions in the Accounting Equation:
| 1. Ram started business with cash Rs. 25,000 and cheque of Rs. 25,000 to open a Bank Account | |
| 2. Purchased goods on credit | 4,000 |
| 3. Purchased goods for cash | 1,000 |
| 4. Purchased furniture for cash | 500 |
| 5. Withdrew cash for private use from Bank | 700 |
| 6. Paid rent | 200 |
| 7. Received interest from Bank | 100 |
| 8 Sold goods on credit ( cost Rs. 500) | 700 |
| 9 Paid to creditor | 400 |
| 10. Paid Petty Expenses | 200 |
The solution of Question 26 Chapter 3 – Unimax Publications of Class 11:
| Transactions | Assets | Liabilities | +Capital | ||||
| Cash | +Bank | +Stock | +Furniture | +Debtors | Creditors | ||
| (i) Ram started business with cash and cheque | +25,000 | +25,000 | +50,000 | ||||
| (ii) Purchased goods as credit | +0 | +0 | +4,000 | +4,000 | +0 | ||
| (iii) Purchased good for cash | -1,000 | +0 | +1,000 | +0 | +0 | ||
| (iv) Purchased furniture for cash | -500 | +0 | +0 | +500 | +0 | +0 | |
| (v) Withdrew Cash for private use from bank | +0 | -700 | +0 | +0 | +0 | -700 | |
| (vi) Paid rent | -200 | +0 | +0 | +0 | +0 | -200 | |
| (vii) Received cash for int. from bank | +0 | +100 | +0 | +0 | +0 | +100 | |
| (viii) Sold goods on credit(500) | +0 | +0 | -500 | +0 | +700 | +0 | +200 |
| (ix) Paid to creditors | -400 | +0 | +0 | +0 | +0 | -400 | +0 |
| (x) Paid Petty Express | -200 | +0 | +0 | +0 | +0 | +0 | -200 |
| 22,700 | +24,400 | +4,500 | +500 | +700 | +3,600 | +49,200 | |
| 52,800 | 52,800 | ||||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
| Creditors | 3,600 | Cash | 22,700 |
| Capital | 49,200 | Bank | 24,400 |
| Stock | 4,500 | ||
| Furniture | 500 | ||
| Debtors | 700 | ||
| 52,800 | 52,800 |
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