Question

Mr. Gopal started business for buying and selling of products of readymade garments with 800000 as an initial investment

Answer 1

Answer:

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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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