Question

Madhavi is a widow, has two children Gaurav and Geeta. Gaurav has completed his graduation and Geeta is in the first year of B Com. Madhavi wants Gaurav to go for further studies but Gaurav wants to stay, become a businessman and help his mother take care of the family. He wants to start a readymade shirts business under the trade name of M/s Fancy Looks Bros. His mother agrees to the proposal, but the problem is shortage of capital. He decides to go solo and start his business with a small capital of ₹ 5,00,000 out of which they manage to buy a shop for ₹3,50,000 on 1st April 2014. Gaurav is now left with ₹1,50,000 only, which is very less to pay for the day to day expenses of the business. Geeta suggests him to approach a bank. He considers it and goes to the State Bank of India(SBI) the next day to find out about the possibilities of loan. The bank manager asks for some documents which are to be submitted by Gaurav in time. SBI approves the loan for ₹4,50,000 on 1st June 201

Answer 1

Answer:

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