Question No 24 Chapter No 5 – T.S. Grewal 11 Class

Question No 24 Chapter No 5

24. Calculate the total assets if:

1. 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.
2. 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

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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