Question No 24 Chapter No 5
24. Calculate the total assets if:
- A had a capital of Rs 75,000 on 1st April 2017. He had also goods amounting to Rs 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.
- After a period of one month, he came to know that he had suffered a loss of Rs 1,700. He withdrew Rs 800 for his personal use. Find out his capital and assets of the business
The solution of Question No 24 Chapter No 5: –
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Total Capital is given = 75,000
Total liability is also given = 15,000
So, we can find out total Assets
With the Help of Following Formula, we can find out this.
Total Assets = Total/closing Capital + Total Liabilities
Total Assets = 75,000 + 15,000
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Total Assets = 90,000/-
2. Total liability is also given = 15,000
Closing Capital = Opening Capital + Income/Profit – Expenses/loss/Drawing
Closing Capital = 75000 -1700 – 800
Closing Capital = 72,500/-
So, we can find out total Assets
With the Help of Following Formula, we can find out this.
Total Assets = Total/closing Capital + Total Liabilities
Total Assets = 72,500 + 15,000
Total Assets = 87,500/-
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