Suresh decided to open a grocery store in a residential locality, He borrowed ₹7,00,000 from his grandfather to invest in the business. He also took some household furniture worth ₹20,000 to be used at the shop which was taken on a rent of ₹15,000 per month. Three months rent was paid in advance. Suresh purchased a Computer and Printer for ₹75,000. He also bought for business use a second hand Mini Truck that cost him ₹3,00,000. The remaining cash was deposited in the bank. Suresh purchased various grocery items for ₹ 2,00,000 from Harish and gave him a cheque of ₹1,50,000. He also made cash purchases for ₹1,00,000 from other dealers. He also purchased some grocery items from a friend in the same line of business for ₹80,000 agreeing to make the payment in 2 months. Goods were sold to Mahesh at list price ₹20,000 less 10% trade Discount and to Mohan for ₹60,000. Mohan immediately sent a cheque for the amount purchased.
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