Mr rupnarayan Vijay started business of buying and selling of readymade garments with rupees 10 lakh as an internal investment of which he had paid rupees 200000 for furniture rupees 300000 for buying ladies and kids garments for visa purpose he employed to salesman and one clerk and the end of the month he paid rupees 25000 as their salaries out of the car Mats purchase he sold some garments for rupees 250000 for cash and balance to rupees Mr Yogesh and credit for 100000 in the next month of free fire broke out in his office and furniture costing rupees 45000 was last due to fire that was an insured he also sold the delivery Van of book value rupees 300000 for rupees 305000 during next month he purchased some more garments for Mr Mehta for rupees 55000 which are still unsold for the above answer the following question what is the amount of capital with which Mr rupnarayan started business what assets he did he buy what is the value of good purchase
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Secondary School Accountancy 15 points
Mr. Gopal started business for buying and selling of readymade garments with Rs.8, 00,000 as an initial investment. Out of this he paid Rs.4,00,000 for the purchase of garments and Rs.50,000 for furniture and Rs.50,000 for computers and the remaining amount was deposited into the bank. He sold some of the ladies and kids garments for Rs.3,00,000 for cash and some garments for Rs.1,50,000 on credit to Mr. Rajesh. 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.15,000. Mr. Gopal withdrew Rs.20,000 from business for his domestic use.
From the above, answer the following:
What is the amount of capital with which Mr. Gopal started the business?
What fixed assets did he buy?
What is the value of the goods purchased?
Who is the creditor and state the amount payable to him?
Who is the debtor and what is the amount receivable from him?
What is the total amount of expenses?
What is the amount of drawings of Mr. Gopal?
Ask for details Follow Report by Bamsii 09.04.2019
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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