Page No 5.21:
Question 21:
If capital of a business is ` 1,40,000 and liabilities are of ` 80,000, calculate the total assets of the business.
Answer:
|
Total Assets |
= |
Liabilities + Capital |
|
|
= |
80,000 + 1,40,000 |
|
|
= |
` 2,20,000 |
Page No 5.22:
Question 22:
Calculate the total assets if:
(i) Capital is
` 40,000.
(ii) Creditors are
` 25,000.
(iii) Revenue during the period is ` 50,000.
(iv) Expenses during the period are ` 40,000.
Answer:
|
Capital after Adjustment of revenue and expenses |
= |
Capital + Revenue – Expenses |
|
|
= |
40,000 + 50,000 – 40,000 = ` 50,000 |
|
Total Asset |
= |
Capital after adjustment + Creditors |
|
|
= |
50,000 + 25,000 |
|
|
= |
` 75,000 |
Page No 5.22:
Question 23:
(a) A had
a capital of ` 75,000 on
1st April, 2018. He had also goods amounting to ` 15,000 which he had
purchased on credit and the payment had not been made. Find out the value of
the total assets of the business.
(b ) After a period of one month, he came to know that
he had suffered a loss of `
1,700. He withdrew
` 800 for his personal use. Find out his capital and assets of
the business.
Answer:
|
(a) |
Total
Assets |
= |
Capital
+ Creditors for purchase of Goods |
|
|
|
= |
75,000
+ 15,000 |
|
|
|
= |
` 90,000 |
|
(b) |
Capital
at the end |
= |
Capital
− Loss − Drawings |
|
|
|
= |
75,000
− 1,700 − 800 |
|
|
|
= |
` 72,500 |
|
|
Assets |
= |
Capital
at the end + Creditors for purchase of Goods |
|
|
|
= |
72,500
+ 15,000 |
|
|
|
= |
` 87,500 |
Page No 5.22:
Question 24:
(a) Mohan started a business on 1st
April, 2018 with a capital of ` 10,000 and borrowed ` 3,000 from a friend. He earned a
profit of ` 5,000 during the year ended
31st March, 2019 and withdrew cash ` 4,000 for personal use. What is his
capital on 31st March, 2019?
(b) Mahesh started a business with a capital of ` 15,000 on 1st April, 2018.
During the year, he made a profit of ` 3,000. He owes `
2,500 to suppliers of goods. What is the total of assets in his business on
31st March, 2019?
Answer:
(a) Capital on March 31, 2019 = Capital on April 01, 2018 + Profit − Drawings
= 10,000 + 5,000 − 4,000 = ` 11,000
(b) Total Assets on March 31, 2019 = Capital on April 01, 2018 + Profit + Creditors
= 15,000 + 3,000 + 2,500 = ` 20,500
Page No 5.22:
Question 25:
Mohan started a business on 1st April, 2018 with a capital of ` 25,000 and a loan of ` 12,500 borrowed from Shyam. During 2018-19 he had introduced additional capital of ` 12,500 and had withdrawn ` 7,500 for personal use. On 31st March, 2019 his assets were ` 75,000. Find out his capital as on 31st March, 2019 and profit made or loss incurred during the year 2018-19.
Answer:
Capital on March 31, 2019 = Assets − Loan from Shyam
= 75,000 − 12,500 = ` 62,500
Profit (or Loss) during the year 2018-19 = Capital on March 31, 2019+ Drawings − (Additional Capital + Capital on April 01, 2018)
= 62,500 + 7,500 − (12,500 + 25,000)
= 70,000 − 37,500 = ` 32,500