Question

Mr. Saurabh Kumar completed his post-graduation from IIM Ahmadabad with masters in Business Administration (MBA) and International Relations. He has decided to purchase an existing business in the Chennai which has been adversely affected by the flood. He is extremely inclined towards providing employment to the people in the affected areas nearby.The owners are in no position to recover the former condition of the factory and have therefore decided to sell it. Mr. Saurabh Kumar purchased the business of Mohan Bros, on 1st April 2018. The business is mainly concerned with manufacturing electronic goods i.e. Pen Drives, Battery Chargers, USB Cables etc. Following assets were taken over by Mr. Saurabh Kumar on the above mentioned date: Land and Building ₹ 1,00,000 Plant and Machinery ₹ 80,000 Furniture & Fittings ₹ 25,000 Stock ₹ 30,000 Office Equipment ₹ 10,000 Mr. Saurabh Kumar paid ₹2,50,000 as purchase consideration. On the same day he brought ₹2,00,000 as his

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