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Question 22 Chapter 3 – Unimax Publications of Class 11
22. Gaurav had the following transactions. Use accounting equations to show their effect his assets, liabilities and capital:
(a) Commenced business with cash Rs. 1,00,000
(b) Purchased goods Rs. 40,000 on credit
(c) Sold goods for Rs. 35,000 (costing Rs. 26,000) on credit
(d) Returned goods to supplier Rs. 10,000
(e) Salaries paid Rs. 600
(f) Salaries outstanding Rs. 120
(g) Bought machinery for Rs. 5,000 on credit
(h) Goods returned by a customer cost Rs. 13,000
(i) Bought Almirah for personal use Rs. 4,000
The solution of Question 22 Chapter 3 – Unimax Publications of Class 11:
| Transactions | Assets | Liabilities | + Capital | |||||
| Cash | +Stock | +Machinery | +Debtors | +Creditors Machinery | Creditors | +O/S Salaries | ||
| (a) Commenced business with cash | +1,00,000 | +1,00,000 | ||||||
| (b) Purchased goods on credit | +0 | +40,000 | +40,000 | +0 | ||||
| (c) Sold goods for Rs. 35,000 (costing Rs. 26,000) on credit | +0 | -26,000 | +35,000 | +0 | +9,000 | |||
| (d) Returned goods to supplier | +0 | -10,000 | +0 | -10,000 | +0 | |||
| (e) Salaries paid | -600 | +0 | +0 | +0 | -600 | |||
| (f) Salaries outstanding | +0 | +0 | +0 | +0 | +120 | -120 | ||
| (g) Bought machinery on credit | +0 | +0 | +0 | +5,000 | +5,000 | +0 | +0 | +0 |
| (h) Goods returned by a customer | +0 | +13,000 | -13,000 | +0 | +0 | +0 | +0 | +0 |
| (i) Bought Almirah for personal use | -4,000 | +0 | +0 | +0 | +0 | +0 | +0 | -4,000 |
| 95,400 | +17,000 | +22,000 | +5,000 | +5,000 | +30,000 | +120 | +1,04,280 | |
| 1,39,400 | 1,39,400 | |||||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
| Creditors | 30,000 | Cash | 95,400 |
| Outstanding Salaries | 120 | Stock | 17,000 |
| Creditors for Machinery | 5,000 | Debtors | 22,000 |
| Capital | 1,04,280 | Machinery | 5,000 |
| 1,39,400 | 1,39,400 |
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