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Question 19 Chapter 3 – Unimax Publications of Class 11
19. Show the accounting equation on the basis of the following transactions:
i Commenced business with cash 25,000
ii Purchased goods on credit 12,500
iii Purchased furniture for cash 1,200
iv Deposited into bank 5,000
v Sold goods (costing 7,000) on credit for 8,200
vi Withdrew cash for private use 1,500
vii Withdrew cash for office use 2,400
viii Paid salaries 700.
The solution of Question 19 Chapter 3 – Unimax Publications of Class 11:
| Transactions | Assets | Liabilities | + Capital | ||||
| Cash | +Stock | +Furniture | +Bank | +Debtors | Creditor | ||
| 1. started a business with cash 25,000. | 25,000 | 25,000 | |||||
| 2. Purchased goods on credit 12,500 | 12,500 | 12,500 | |||||
| 3. Purchased furniture for cash 1,200 | 1,200 | 1,200 | |||||
| 4. Deposited into bank 5,000 | 5000 | 5000 | |||||
| 5. Sold goods (costing 7,000) on credit for 8,200 | 7,000 | 8,200 | 1,200 | ||||
| 6. Withdrew cash for private use 1,500 | 1,500 | 1,500 | |||||
| 7. Withdrew cash for office use 2,400 | 2,400 | 2,400 | |||||
| 8. Paid salaries 700 | 700 | 700 | |||||
| 19,000 | 5,500 | 1,200 | 2,600 | 8,200 | 12,500 | 24,000 | |
| 36,500 | 36,500 | ||||||
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