Page No 2.18:
Question 1:
(ii) What fixed assets did he buy?
(iii) What is the value of the goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) Who is the debtor and what is the amount receivable from him?
(vi) What is the total amount of expenses?
(vii) What is the amount of drawings of Mr. Gopal?
Answer:
(i) Initial Investment made by Mr.
Gopal for starting the business of "Readymade Garments" is ` 8,00,000.
(ii) He bought two Fixed Assets i.e. Furniture and Computer of ` 50,000 each.
Therefore,
Total Fixed Assets bought by him = Furniture + Computer
= 50,000 + 50,000
= ` 1,00,000
(iii) Value of the goods purchased by Mr. Gopal (Proprietor) = Purchase of
Garments + Purchase of Men's Garments
= 4,00,000 + 2,00,000
= ` 6,00,000
(vi) Mr. Satish is the creditor of business with `
2,00,000.
(v) Mr. Rajesh is the debtor of the business with ` 1,50,000.
(vi) Total amount of Expenses = `
15,000.
(vii) Mr. Gopal withdrew `
20,000 for domestic use (Drawings).