Question

Parul is a fashion designer and had been working with a leading fashion designer for a few years. She decided to start her own venture and set up a readymade garment store exclusively for teenagers. She finalised the business plan, capital requirement, sources of materials, etc. She estimated that she would need Rs 80,00,000 as capital which she could arrange out of her savings she had gathered in the previous years. Her father guided her about the legal aspects. It was decided to buy readymade garments from suppliers in Noida and Mumbai. It was decided to open the store in a rented shop in Rajouri Garden on April 1,2019 and named it Clothes 4 Teens. She located a shop, finalised the rent and entered into an agreement. It was agreed that the rent for the shop will be Rs 30,000 per month. A security deposit equal to six months rent was also to be given along with the first month rent in advance. Rs 2,50,000 was spent on Furniture and Fixtures to renovate the shop. All the above expenses were carried out on 1 st April in cash. A Current Account was opened on 10 th April ,2019 with State Bank of India and Rs 40,00,000 was deposited in it. It was decided that from now all payments shall be made by cheques and all cash collected shall be deposited in the bank on the same day. A Computer and Printer was purchased on May 1, 2019 for Rs50,000, payment made by cheque. The business picked up well. Clothes 4 Teens has become a popular store. At the end of the year, following details were compiled:

Answer 1

Answer:

Do it By Yourself

Explanation:

Hope It will Help You

Answer 2

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