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Question 9 Chapter 3 – Unimax Publications of Class 11
9. Prepare Accounting equation on the basis of following:
(i) Mandeep started business with cash Rs. 3,50,000.
(ii) Borrowed cash Rs. 80,000 from bank.
(iii) Purchase goods Rs. 50,000 for cash.
(iv) Mandeep paid school fees of his son from the business Rs. 20,000.
(v) Repaid bank loan Rs. 30,000.
(vi) Sold goods for cash Rs. 30,000.
(vii) Repaid the balance of bank loan by borrowing equal amount from Rajveer.
The solution of Question 9 Chapter 3 – Unimax Publications of Class 11
| Transactions | Assets | =Liabilities | +Capital | ||
| Cash | +Stock | Loan from Bank | +Loan from Rajveer | ||
| (i) Mandeep started business with cash | +3,50,000 | +3,50,000 | |||
| (ii) Borrowed Cash from bank | +80,000 | 80,000 | +0 | ||
| (iii) Purchased goods | -50,000 | +50,000 | 0 | +0 | |
| (iv) Mandeep plaid school fees of his son from the business | -20,000 | +0 | 0 | -20,000 | |
| (v) Repaid Bank | -30,000 | +0 | -30,000 | +0 | |
| (vi) Sold goods for cash | +30,000 | -30,000 | 0 | +0 | |
| (vii) Repaid balance of bank loan by borrowing equal amount from Rajveer | 0 | +0 | -50,000 | +50,000 | +0 |
| 3,60,000 | +20,000 | 0 | 50,000 | +3,30,000 | |
| 3,80,000 | 3,80,000 | ||||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount |
| Loan from Bank | 0 | Cash | 3,60,000 |
| Loan from Rajveer | 50,000 | Stock | 20,000 |
| Capital | 3,30,000 | ||
| 3,80,000 | 3,80,000 |
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