Accounts are kept in Jahin Stores according to one-sided entries. Business assets on January 1, 2020 Liabilities
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Question:
Accounts are kept in Jahin Stores according to one-sided entries. Business assets on January 1, 2020
Liabilities are as follows:
Cash in hand - Rs.30,000
Furniture - Rs.25,000
Laptops - Rs.47,000
Debtors - Rs.21,000
Creditors - Rs.15,000
Debt - Rs.7,000
On December 31, 2020, Mate's assets at Jahin Stores were Rs. 4,30,000 and Mate's liabilities were Rs. 1,80,000.
In the middle of the year, the owner invests Rs 50,000 in the shop. He is also in personal need
Withdrew Rs 25,000 in cash and Rs 5,000 worth of goods.
(A) Show the amount of closing capital of Jahin Stores.
(B) Determine the amount of initial capital of Jahin Stores.
(C) Show the profit or loss of Jahin Stores at the end of the year.
Expert Answer:
a Closing capital Assets liabilities 430000180000 250000 Add Investment 50000 less withdrawa... View the full answer
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