Are You looking for the solution of Question number 1 of class 11th Basic Accounting Terms chapter TS Grewal book 2022-23 edition?
Question number 1 of the Basic Accounting Terms chapter of TS Grewal Book 2022-23 is a practical question.
Solution of Question Number 1 of class 11th Basic Accounting Terms Chapter TS Grewal Book 2022-23 Edition.
Question 1 – Gopal started business for buying and selling of readymade garments with ₹ 8,00,000 as an initial investment out of this he paid ₹ 4,00,000 rupees for the purchase of garments and ₹ 50,000 for furniture and ₹ 50,000 of computers and the remaining amount was deposited into the bank. he sold some of the ladies and kids garments for ₹ 3,00,000 for cash and some garments for ₹ 1,50,000 on credit to Rajesh.
subsequently he bought mens garment of ₹ 2,00,000 from Satish. in the first week of the next month a fire broke out of his office and stock of garments worth ₹ 1,00,000 was destroyed. later on, some garments which cost ₹ 1,20,000 were sold for rupees ₹ 1,30,000. expenses paid during the same period were ₹ 15,000.Gopal withdrew ₹ 20,000 from business for his domestic use.
from the above answer the following
(i) what is the amount of capital with which Gopal started the business?
(ii) what fixed assets did he buy?
(iii) what is the value of goods purchased?
(iv) who is the creator 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 drawing of Gopal?
Solution:-
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