Question

Question: Mr. Roop Narain Vijay started business of buying and selling of Redaymade Garments with ₹10,00,000 as an initial investment. Of which he paid 2,00,000 for furniture,
3,00,000 for buying ladies and kids garments for resale purpose. He employed two
salesman and one clerk.
At the end of the month be paid * 25,000 as their salaries.
Out of the garments purchased he sold some garments for * 2,50,000 for cash and balance
to Mr. Yogesh on credit for 1,00,000.
In the next month a fire broke out in his office and furniture costing * 45,000 was last du
to fire that was uninsured. He also sold the delivery van of Book valu
*3,00,000 for 3,05,000.
During next month he purchased some more garments from Mr. Mehta f
*55,000 which are still unsold.
From the above, answer the following:
(i) What is the amount of Capital with which Mr. Roop Narain started business?
ii) What fixed assets did he buy?
(iii) What is the value of goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) What are the expenses?
(vi) What is the profit earned or loss suffered from the sale of goods?
(vii) What gain he earned?
(viii) What loss he incurred?
(ix) Who is the debtor? What is the amount receivable from him?
(x) What is the value of closing stock?
(xi) How much cash is left with Mr. Roop Narain, at present?

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Answer 1

Answer:

Sorry the answer must be very long

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