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Question 23 Chapter 3 – Unimax Publications of Class 11

Kuljeet Singh
Question 23 Chapter 3 – Unimax Publications of Class 11

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Question 23 Chapter 3 – Unimax Publications of Class 11

23. Prepare the Accounting Equation on the basis of the following:Rs.
1. Sahib commenced business with cash 1,50,000 and Furniture1,00,000
2. Machinery purchased for cash.20,000
3. Purchased goods from Raman on credit.25,000
4. Sold goods (costing 10,000) to Mohan for cash.14,000
5. Additional capital introduced.20,000
6. Commission received in advance.2,000
7. Paid to creditor Raman in full settlement.2,500
8. Sold goods (costing 15,000) for 18,000 out of which 5,000 received in cash. 
9. Depreciation on furniture provided @ 10% 

The solution of Question 23 Chapter 3 – Unimax Publications of Class 11:

Transactions Assets  Liabilities + Capital
 Cash+Furniture+Machinery+Stock+Debtors
Raman+Unearned Commission  
1. Sahib commenced business with cash and Furniture+1,50,000+1,00,000     +2,50,000
2. Machinery purchased for cash.-20,000+0+20,000    +0
3. Purchased goods from Raman+0+0+0+25,000 +25,000 +0
4. Sold goods (costing 10,000) for cash.+14,000+0+0-10,000 +0 +4,000
5. Additional capital introduced.+20,000+0+0+0 +0 +20,000
6. Commission received in advance+2,000+0+0+0 +0+2,000+0
7. Paid to creditor in full settlement.-22,500+0+0+0 -25,000+0+2,500
8. Sold goods (costing 15,000) for 18,000 out of which 5,000 received in cash.+5,000+0+0-15,000+13,000+0+0+3,000
9. Depreciation on furniture @ 10%+0-10,000+0+0+0+0+0-10,000
         
 1,48,500+90,000+20,000+0+13,000+0+2,000+2,69,500
 2,71,5002,71,500

BALANCE SHEET

LiabilitiesAmountAssetsAmount
Raman0Cash1,48,500
Unearned Commission2,000Furniture90,000
Capital2,69,500Machinery20,000
  Stock0
  Debtors13,000
    
 2,71,500 2,71,500

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