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Subject: Accountancy, asked on on 18/11/15

. Mr.Prem commenced business in electronic goods with a initial capital of Rs.1500000. Out of the said Rs.1500000 he paid Rs.1000000 towards purchase of goods. He further spent Rs.200000 on furnishing the shop and Rs.35000 for purchase of computer and printer. Rs.10000 in yet to paid to the supplier of computer.

He sold goods costing Rs.500000 for Rs.700000 in cash and goods costing Rs.250000 for Rs.310000 on credit. Goods sold on credit for Rs.25000 were returned being defective. These goods costing Rs.20000 were returned to the supplier. Looking into the response he decided to trade in home appliances for Rs.800000 out of which purchases of Rs.200000 were on credit.

Due to earthquake 2 LCD Television costing Rs.50000 were completely destroyed.

Mr.Prem received an insurance claim of Rs.30000.

A Customer purchased goods costing Rs.225000 for Rs.300000 and was allowed a discount of Rs.15000. He was further allowed discount of Rs.5000 for payment within agreed time.

He paid salary to shyam of Rs.55000, Rs.5000 yet to be paid. He insured the goods and paid insurance premium of Rs.10000 out of this Rs.5000 are for the next year.Mr Prem withdrew Rs.30000 for his personal use.

You are required to answer the following questions.

01. What is the amount of the capital?

02. What is the amount of the fixed assets?

03. What is the amount of purchases?

04. What is the amount of long term liabilities?

05. What is the amount current liabilities?

06. How much expenses incur during the year?

07. What is the amount of prepaid expenses?

08. What is the amount of outstanding expenses?

09. What is the income earned?

10. What is the amount due from debtors?

11. What is the amount due to creditors?

12. What is the value closing stock?

13. What is the amount of trade discount?

14. What is the amount of cash discount?

15. What is the amount of drawings?

16. What is the amount of sales return?

17. What is the amount of purchase return?

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Subject: Accountancy, asked on on 8/7/17
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Subject: Accountancy, asked on on 22/5/15
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