Question

On 1st April 2020 Mr A decided to Start the business of Purchase and Sale of Computer sets with ₹7,00,000 and

Scooter worth ₹50,000. He took a office on Rent ₹20,000 p.a. He purchased Furniture worth ₹1,00,000 in Cash

and Furniture worth ₹50,000 on Credit from Kapoor furniture’s.

On the Next day he deposited ₹10,000 in Bank Account.

He purchased 10 Compute for ₹30,000 each in Cash and 5 Compute on Credit for ₹32,000 each from Shatyam

Compute₹.

He paid Salary to Staff ₹50,000 p.a .

Mr A sold 9 compute for ₹40,000 each in Cash and 5 Compute on Credit for ₹45,000 to Suraj Graphics. He Kept

1 Computer for his personal use.

After 15 days Suraj Graphics paid ₹1,50,000 in cash after deducting discount of ₹5,000.

Mr A paid ₹80,000 to Shatyam Computes and ₹30,000 to Kapoor Furniture’s.

1. Answer the Following Questions

a) What is the amount of Capital invested in the business ?

b) Calculate the total expenses of the business during the year.

c) Identify the Fixed assets used in the business.

d) Is there any drawings involve in the business ?

e) Name the Debtors and Creditors used in the question.

f) Calculate the balance of debtors and creditors eft after the payment.

g) Calculate the Profit / Loss of the Business.

2. Show the transactions in form of Accounting Equation.​

Answer 1

Answer:

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