Question 15 Chapter 3 – Unimax Publications of Class 11 -

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

The solution of Question 15 Chapter 3 – Unimax Publications of Class 11:

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