Question

Mr. Ashok started business for buying and selling readymade garments with 15,00,000 as an initial investment. Out of this he paid Rs. 6,00,000 for the purchase of garments and Rs. 60,000 for furniture and Rs. 80,000 for computers and the remaining amount was deposited into the bank. He sold some of the ladies and kids garments for Rs. 2,00,000 for cash and some garments for Rs. 1,20,000 on credit to Mr. Ravi. Subsequently, he bought men's garments of Rs. 2,00,000 from Mr. Satish. In the first week of the next month, a fire broke out in his office and stock of garments worth Rs. 1,00,000 was destroyed. Later on. some garments which cost Rs.1,20,000 were sold for Rs. 1,30,000 Expenses paid during the same
period were Rs. 10,000. Mr. Ashok withdraw Rs. 30,000 from business for his domestic use.
(i) What is the amount of capital with which Mr. Ashok started the business?
(ii) What fixed assets did he buy?
(iii) What is the value of the goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) Who is the debtor and what is the amount receivable from him?
(vi) What is the total amount of expenses?
(vii) What is the amount of drawings of Mr. Ashok?

Answer 1

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