Question

UCTION TO ACCOUNTING
1.37
Nitish Kumar started business with cash 80.000, furniture 40,000 and stock 50,000. He
purchased goods costing * 90,000 at a trade discount of 20% on credit from Pervez
Musharaf. He sold goods of the list price of 80.000 at a trade discount of 25% to Akhilesh.
He borrowed from bank 30,000 for 9 months. He paid the school fees of his son from the
business * 4,000. A case of 1,00,000 is pending against Nitish Kumar in the court of law.
Placed an order with Suresh Kalmadi for the purchase of goods 50,000.
(i) What is the amount of capital?
Who is the creditor and what is the amount payable to creditor?
(iii) Who is the debtor the what is the amount of debtors ?
(iv) What is the trade discount on purchases and sales ?
What are the current liabilities ?
(vi) What is the amount of drawings?
(vii) What is the amount of contingent liabilities?
fy) Placing an order with Suresh Kalmadi is a business transaction or not?
non hank balance 36,000 and furniture 30,000
(v)​

Answer 1

1 . 90,000

2 .1,00,000

3. 4,000

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