Question 21:
(a) Gurman had a capital of `
75,000 on 1st April, 2023. 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 |
Question 22:
(a) Mohan started a business on 1st April, 2023 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, 2024 and withdrew cash ` 4,000 for personal
use. What is his capital on 31st March, 2024?
(b) Mahesh started a business with a capital of `
15,000 on 1st April, 2023. 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, 2024?
Answer:
(a) Capital on March 31, 2024 = Capital on April 01, 2023 + Profit − Drawings
= 10,000 + 5,000 − 4,000 = ` 11,000
(b) Total Assets on March 31, 2024 = Capital on April 01, 2023 + Profit + Creditors
= 15,000 + 3,000 + 2,500 = ` 20,500
Question 23:
On 31st March, 2024, the total assets and external liabilities were `2,00,000 and `6,000 respectively. During the year, the proprietor had introduced capital of `20,000 and withdrawn ` 12,000 for personal use. He made a profit of `20,000 during the year. Calculate the capital as on 1st April, 2023.
Answer:
Capital as on March 31, 2024 = Total Assets − External Liabilities
= 2,00,000 − 6,000 = ` 1,94,000
Capital on April 01, 2023 = Capital on March 31, 2024 − Additional Capital + Drawings − Profit
= 1,94,000 − 20,000 + 12,000 − 20,000 = `1,66,000
Question 24:
Mohan started a business on 1st April, 2023 with a capital of ` 25,000 and a loan of ` 12,500 borrowed from Shyam. During 2023-24 he had introduced additional capital of ` 12,500 and had withdrawn ` 7,500 for personal use. On 31st March, 2024 his assets were ` 75,000. Find out his capital as on 31st March, 2024 and profit made or loss incurred during the year 2023-24.
Answer:
Capital on March 31, 2024 = Assets − Loan from Shyam
= 75,000 − 12,500 = `62,500
Profit (or Loss) during the year 2023-21 = Capital on March 31, 2024+ Drawings − (Additional Capital + Capital on April 01, 2023)
= 62,500 + 7,500 − (12,500 + 25,000)
= 70,000 − 37,500 = `32,500