Question

Anil had the following transaction:
(i) Commenced business with cash Rs. 50,000.
(ii) Purchased goods for cash Rs. 10,000 and on credit Rs. 15,000
(iii) Sold goods for cash costing 15,000 for Rs. 20,000
(iv) Rent paid Rs. 250 and Rent outstanding Rs. 100
(v) Bought furniture for Rs. 2,500 on credit.
(vi) Bought refrigerator for personal use Rs. 2,500
(vii) Cash withdrawn for personal use Rs. 5,000
(viii) Interest on drawing Rs. 500 and interest on capital Rs. 1,000
(ix) Depreciate furniture @ 10%
(x) Commission received in advance Rs. 600
(xi) Sold the remaining goods at a profit of 20% on credit.

Answer 1

Answer:

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