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Question 10 Chapter 3 – Unimax Publications of Class 11

Question 10 Chapter 3 - Unimax Publications of Class 11

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Question 10 Chapter 3 – Unimax Publications of Class 11

10. Prove that the accounting equation is satisfied in all the following transactions Sandeep and Prepare Balance Sheet at end.
(i)Commenced business with cash Rs. 1,80,000 and Bank Balance Rs. 60,000.
(ii) Cash withdrawn from bank for office use Rs. 20,000.
(iii) Internet bill paid in cash Rs. 10,000.
(iv) Provide interest on capital Rs. 5,000.
(v) Commission received by cheque Rs. 20,000.
(vi) Cash withdrawn from bank for personal use Rs. 3,000.
(vii) Additional Capital introduced Rs. 20,000.
(viii) Charged interest on drawings Rs. 4,000.

The solution of Question 10 Chapter 3 – Unimax Publications of Class 11

TransactionsAssets= Liabilities + Capital
 Cash+Bank  
(i) Commenced business with cash & bank+1,80,000+60,0000+2,40,000
(ii) Cash withdrawn from Bank for office use+20,000-20,0000+ 0
(iii) Internet bill paid in cash-10,000+00-10,000
(iv) Provide interest on capital0+00+5,000
(v) Commission received by cheque0+20,0000+20,000
(vi) Cash withdrawn from bank for personal use.0-3,0000-3,000
(vii) Additional capital introduced+20,000+00+20,000
(viii) Charged interest on drawings0+00-4,000
     
 2,10,000+57,00002,67,000
 2,67,0002,67,000

BALANCE SHEET

LiabilitiesAmountAssetsAmount
Capital2,67,000Cash2,10,000
  Bank57,000
    
    
 2,67,000 2,67,000

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