Question

Illustration 3. Rakesh started business as on 1st April, 2016 with a capital of * 1,50,000. During the year, the following transactions took place: 1. Furniture purchased for cash. 2. Purchased goods from Mahesh on credit. 3. Sold goods (costing * 10,000) to Mohan for cash. 4. Additional capital introduced. 5. Commission received in advance, 6. Paid to creditor (Mahesh) * 22,500 in full settlement. 7. Sold goods (costing * 15,000) for * 18,000 out of which 5,000 received in cash. 8. Depreciation on furniture provided @ 10%. 20,000 25,000 14,000 20.000 2.000​

Answer 1

Answer:

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