Question

calculate the amount withdrawn by Suresh and total assets in the following case Suresh started business with a cash of RS 200000as on 1-4-10.during the year he suffered a loss of RS 20000 on 31-3 -11 his capital stood at RS 120000 bills payable at RS 10000 and bank loan RS 8000. he introduced a fresh capital of RS 10000 during the year and he had a bank overdraft of RS 6000 on 31-3-11.

Answer 1

opening capital = 200000

liabilities = bills payable +bank loan +bank overdraft 
                =10000+8000+6000
               =24000

closing capital = opening capital + addtional capital - loss- drawings 
     120000       =  200000+10000-20000-drawings 
       120000     =190000- drawings
 drawings = 190000-120000
                 =70000

drawings or amount withdrawn during the year =70000


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