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CBSE Class 11-commerce Answered

Z had a capital of Rs.85,000 on 1^st April, 2015. He also had goods amounting to Rs.20,000 which he had purchased on credit and whose payment has not been made. Find out the value of total assets of the business. After a period of one month, he came to know that he had suffered a loss of Rs.1,800. He withdrew Rs.700 for his personal use. Find out the capital and assets of the business.

Asked by Topperlearning User | 14 Jun, 2016, 10:08: AM

Expert Answer

Assets = Liabilities + Capital

= Rs.20,000 + Rs.85,000

= Rs.1,05,000
Closing Capital = Opening Capital - Drawings - Loss

= Rs.85,000 − Rs.1,800 − Rs.700

= Rs.82,500

Assets = Liabilities + Capital

= Rs.20,000 + Rs.82,500

= Rs.1,02,500

Answered by | 14 Jun, 2016, 12:08: PM

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