Mr Gopal started business for buying and selling of readymade garments with Rs 8,00,000 as initial investment. Out of this he paid Rs 4,00,000 for the purchase of garments and Rs 50,000 for furniture and Rs50, 000for computers and remaining amount was deposited in bank. He sold some of ladies and kids garments for Rs3, 00,000for cash and some garments for Rs 1,50,000on credit to Mr Rajesh. Subsequently he bought men's garments of Rs 2,00,000 from Mr Satish. In the first week of 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 costs Rs 1,20,000 were sold for Rs 1,30,000 . Expenses paid during the same period were, Rs15,000.Mr Gopal withdraw Rs 20,000 from business for his domestic use.
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1))Initial capital introduced by Mr. Gopal for starting the business of Readymade Garments is Rs.8,00,000.
2)) He purchased two Fixed Assets i.e Furniture andComputer.ThereforeTotal Fixed Assets bought by him
= Furniture + Computer
= Rs.50,000 + Rs.50,000 = Rs.1,00,000
3))Value of the goods purchased by Mr. Gopal (Proprietor) = Purchase of Garments + Purchase of Men’s Garments
=4,00,000 + 2,00,000
= Rs.6,00,000
4))The creditor of the business is Mr. Satish with Rs.2, 00,000 being payable to him.
5))The debtor of the business is Mr. Rajesh with Rs.1,50,000 being the amount to be received from him.
6))Total amount of expenses is Rs.15,000.
7))The amount of drawings of Mr. Gopal is Rs.20,000.
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