Question

Mr. Amit commenced business of trading electronic goods with an initial capital of rupees 25 lacs and he deposited same in the bank account. Out of that he paid rupees 7 lacs towards purchase furniture and fixture for his shop and made payment by cheque. Hi further spend rs. 35000 towards purchase of computer and printer payment made by cheque. He also purchased electronics goods for his shop On credit basis near about rupees 7 lacs. out of it he also sold electronics goods near about rupees 5 lacs on cash basis. Answer the questions below: 1. Amount of capital invested. 2. Amount of fixed assets at the year end. 3. Closing stock. 4. Position of current liability at the year end. 5. Cash balance at the year end.

Answer 1

Explanation:

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