Question

3.
Mr. Prem a resident of Benguluru (Karnataka) commenced business of trading in electronic gold
an initial capital of Rs. 15,00,000. Out of the said Rs. 15,00,000, he paid Rs. 10,00,000 towards 19
of electronic goods. He further spent Rs. 2,00,000 on furnishing the shop and Rs. 35,000 for pur
computer and printer.
2 months later he decided to trade in home appliances also and further invested Rs. 5,00,000.
He purchased electronic goods and home appliances for Rs. 8,00,000 out of which purchases of
2,00,000 were on credit.
He sold goods costing Rs. 5,00,000 for Rs. 7,00,000 in cash and goods costing Rs. 2,50,000 for R$
3,10,000 on credit. Goods sold on credit for Rs. 25,000 were returned being defective. These goo
(costing Rs. 20,000) were returned to the supplier.
He paid salary to Shyam of Rs. 55,000; Rs. 5,000 were yet to be paid. He paid rent for Rs. 40,000
this, Rs. 5,000 are for the next year's rent.
Mr. Prem withdrew Rs. 30,000 during the year for his personal use.
You are required to answer the following questions on the basis of the above :
1. What is the amount of capital invested in the business by Mr. Prem?
What is the amount invested by Mr. Prem in fixed assets?
lii What is the amount of total purchases?
What is the amount of prepaid expenses?
V What is the amount due to creditors?
vi. What is the amount of Drawings?
iv.​

Answer 1

Answer:

1)7700000

2)110000000

Explanation:

What is the amount of total purchases?

What is the amount of prepaid expenses?

V What is the amount due to creditors?

vi. What is the amount of Drawings?

iv.

I don't know this

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