Question

1. Commenced business with cash Rs. 50,000
2. Bought goods for cash Rs. 15,000 from Gopi and on credit from Amit for Rs. 25,000
3. Sold goods bought from Amit at a profit of 20 % on sales
4. Settled the account of Amit by paying 95% in full settlement.
5. Rent paid to landlord Rs. 15,000 (paid for 15 months)
6. Salary paid to Mohan Rs. 8,000 but salary is still due Rs. 1,000.
7. Computer purchased by taking a loan from bank Rs 65000.
8. Insurance premium paid was Rs. 2,500 of which 1/5 th was prepaid​

Answer 1

Answer:

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