TS Grewal 2014 Solutions for Class 11 Commerce Accountancy Chapter 1 Basic Accounting Terms are provided here with simple step-by-step explanations. These solutions for Basic Accounting Terms are extremely popular among class 11 Commerce students for Accountancy Basic Accounting Terms Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the TS Grewal 2014 Book of class 11 Commerce Accountancy Chapter 1 are provided here for you for free. You will also love the ad-free experience on Meritnation’s TS Grewal 2014 Solutions. All TS Grewal 2014 Solutions for class 11 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 2.14:
(i) Initial Investment made by Mr. Gopal for starting the business of "Readymade Garments" is Rs 8,00,000.
(ii) He bought two Fixed Assets i.e. Furniture and Computer of Rs 50,000 each.
Total Fixed Assets bought by him = Furniture + Computer
= 50,000 + 50,000
= Rs 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
= Rs 6,00,000
(vi) Mr. Satish is the creditor of business with Rs 2,00,000.
(v) Mr. Rajesh is the debtor of the business with Rs 1,50,000.
(vi) Total amount of Expenses = Rs 15,000.
(vii) Mr. Gopal withdrew Rs 20,000 for domestic use (Drawings).
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