Question

Rahul started business with cash rs 5,00,000 and stock rs 2,00,000 . During the year he sold goods coasting rs 50,000 for rs 80,000 on credit to adithya .he purchased furniture for rs 25,000 and machinary for rs 50,000.At the end of the year machinary of book value rs 10,000 was sold for 18,000 .calculate the value of profit,gain and income
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Answer 1

Answer:

started business with cash=500000

stock=200000

sold goods costing=50000

for rupees 80000

profit of sold goods =80000-50000

=30000

purchase furniture= 25000

machinery=50000

cost price = 25000+50000

= 75000

end of year machinery book value is =10000

and it sold at =18000

loss =50000-18000

=32000