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Question 11 Chapter 3 – Unimax Publications of Class 11
11. Prepare accounting equation on the basis of following transaction.
(i) Started business with cash Rs. 1,00,000 and furniture Rs. 50,000.
(ii) Purchase goods for cash Rs. 25,000 and credit Rs. 20,000.
(iii) Deposit cash into bank Rs. 10,000.
(iv) Bought motor-cycle for personal use Rs. 10,000.
(v) Withdrew cash for private use Rs. 2,500.
(vi) Withdrew cash for office use Rs. 4,000.
(vii) Depreciation on furniture @ 10%.
The solution of Question 11 Chapter 3 – Unimax Publications of Class 11:
| Transactions | Assets | Liabilities | + Capital | |||
| Cash | + Furniture | + Stock | +Bank | |||
| (i) Started business with cash Rs. 1,00,000 and Furniture Rs. 50,000 | +1,00,000 | + 50,000 | 0 | +1,50,000 | ||
| (ii) Purchase goods for cash Rs. 20,000 & credit Rs. 20,000 | -25,000 | +0 | + 45,000 | 20,000 | + 0 | |
| (iii) Deposit Cash into Bank Rs. 10,000 | -10,000 | +0 | +0 | +10,000 | +0 | +0 |
| (iv) Bought motor-cycle for personal use Rs. 10,000 | -10,000 | +0 | +0 | 0 | 0 | -10,000 |
| (v) Withdraw cash for private use Rs. 2,500 | -2,500 | +0 | +0 | +0 | +0 | -2,500 |
| (vi) Withdraw cash for office use 4,000 | +4,000 | +0 | +0 | -4,000 | +0 | +0 |
| (vii) Depreciation on furniture @ 10% | 0 | -5,000 | +0 | -0 | 0 | -5,000 |
| 56,500 | +45,000 | +45,000 | +6,000 | 20,000 | + 1,32,500 | |
| 1,52,500 | 1,52,500 | |||||
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