Question

Miss Aleena started a business on 1st April, 2019 with Rs. 2,20,000. On 1st May, 2019, a loan
of Rs. 1,00,000 was obtained from Bank of Baroda at an interest rate of only 3% per annum
(prevailing interest rate in market 12% p.a.) under the scheme of MUDRA launched by
Government of India. During the year 2019-20, her business earned a profit of Rs. 60,000
which was utilised to pay her child's school fees. Calculate the assets, liabilities and capital
as on 31st March, 2020 assuming that neither the principal nor the interest of bank loan is
paid till 31st March, 2020.​

Answer 1

Answer:

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