Question

Mr. Varun had 1,000 shares of Reliance Lid. of Rs. 100 each. In March, 2014 be sold his shares e R.980each. With this amount, he decided to set up a business of kids Garments on 1" April, 2014 under the nameof MS Varenyam Kids Garments. He decided that all transactions should be made through bank anddeposited the whole money in SBI Bank. He purchased a running factory of kids Garments consisting ofFactory Land and Building Rs. 4,00,000. Plant and Machinery Rs 3,50,000, Furniture Rs. 50,000. Stock Rs.90,000 but agreed to pay Rs. 9.50,000 as purchase consideration. He later approached his banker for a loanto meet the working requirement Bank advanced loan amounting to Rs. 4,00.000 e 10% pa. He purchaseda Laptop for Rs. 30,000. His transactions for the year ending 31" March, 2015 were as follows:Total Purchases (Rs. 8.30,000 in credit)Rs. 12,40,000Total Sales (Rs. 15,25,000 in credit)Rs. 20.50.000​

Answer 1

Explanation:

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Answer 2

Answer:

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Explanation:

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