Question

Mr. Avinav started a business of buying and selling of mobile phones and invested Rs. 2,00,000 on
01.04.2010. On 20.04.2010 he paid Rs.1,00,000 for the purchase of mobile phones and Rs. 50,000 for
furniture. On 01.05.2010, he purchased some stationery for Rs.5,000 in cash and sold some mobile
phones for Rs.50,000 on credit to Mr. Akash. After a period of one month, he purchased mobile
phones for Rs.60,000 from Mr. Satish. Expenses during the same period were Rs.10, 000. On
31.07.2010 mobile phones worth Rs.20,000 were lost by fire.
During September 2010 to December 2010, a part of stock of mobile phones which costed Rs.30,000
was sold for Rs. 40,000.
With the help of the above information, answer the following questions:- (i) What is the amount of capital with which Mr. Avinav started the business?
(ii) What is the total amount of expenses?
(iii) Who is the debtor for the business and what is the amount receivable from him?
(iv) Who is the creditor and what is the amount payable to him?
(v) What is the total value of goods purchased?

Answer 1

answer for above question 

1)  RS .2,00,000 is the amount of capital with which Mr. Avinav started the business

2)Expense = 10000+5000
                  = 15000

3)Mr. Akash is the debtor for the business . 50000  is the amount receivable from him.

4)Mr. Satish is the creditor .Rs 60000  is the amount payable to him ( i assume that purchases from satish is brought on credit )

5)Total purchases = 100000+50000+60000
                              =210000

Hope its useful 

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