Question

Mr. Shyam started a business of buying and selling of mobile phones and invested Rs. 2, 00, 000 on 1st April 2017.
• On 20th April 2017 she paid Rs. 1, 00,000 for the purchase of mobile phones and Rs. 50,000 for furniture.
• On 1st May 2017, she purchased some stationery for Rs. 5,000 in cash and sold some mobile phones for Rs. 50,000 on credit to Stuti.
• After a period of one month, she purchases mobile phones of Rs. 60,000 from Mr. Jatin.
• Expenses during the same period were Rs. 10,000.
• On 31st July 2017, mobile phones worth Rs. 20,000 were lost by fire.
• During September 2017 to December 2017, a part of stock of mobile phones which costing Rs. 30,000 was sold for Rs. 40,000..

Answer the following questions:
a. What is amount of capital with which Mr. Shyam started the business?
b. What is the total amount of expenses of the business?
c. Who is the Debtor for the business and what is the amount receivable from those Debtor(s)?
d. Who is the Creditor and what is the amount payable to him?
e. What is the name and value of the fixed assets bought by the business organisation?
f. What is the total value of goods purchased?

Answer 1

Answer:

a) rs 200000

b) Stationary 5000+ other expenses 10000+ loss by fire 20000= 35000

c) Stuti us debtor of business for rs 50000

d) Mr. jain us the creditor for rs 60000

e) furniture 50000

f) rs 160000