• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

CBSE Tuts

CBSE Maths notes, CBSE physics notes, CBSE chemistry notes

  • NCERT Solutions
    • NCERT Solutions for Class 12 English Flamingo and Vistas
    • NCERT Solutions for Class 11 English
    • NCERT Solutions for Class 11 Hindi
    • NCERT Solutions for Class 12 Hindi
    • NCERT Books Free Download
  • TS Grewal
    • TS Grewal Class 12 Accountancy Solutions
    • TS Grewal Class 11 Accountancy Solutions
  • CBSE Sample Papers
  • NCERT Exemplar Problems
  • English Grammar
    • Wordfeud Cheat
  • MCQ Questions

TS Grewal Solutions for Class 11 Accountancy Chapter 2 – Basic Accounting Terms

TS Grewal Solutions for Class 11 Accountancy Chapter 2 – Basic Accounting Terms

TS Grewal Class 11 SolutionsNCERT Solutions AccountancyNCERT Solutions

Question 1.
Mr. Gopal started business for buying and selling of readymade garments with Rs.8, 00,000 as an initial investment. Out of this he paid Rs.4,00,000 for the purchase of garments and Rs.50,000 for furniture and Rs.50,000 for computers and the remaining amount was deposited into the bank. He sold some of the ladies and kids garments for Rs.3,00,000 for cash and some garments for Rs.1,50,000 on credit to Mr. Rajesh. Subsequently, he bought men’s garments of Rs.2,00,000 from Mr. Satish. In the first week of the next month, a fire broke out in his office and stock of garments worth Rs.1,00,000 was destroyed. Later on, some garments which cost Rs.1,20,000 were sold for Rs.1,30,000. Expenses paid during the same period were Rs.15,000. Mr. Gopal withdrew Rs.20,000 from business for his domestic use.
From the above, answer the following:

  1. What is the amount of capital with which Mr. Gopal started the business?
  2. What fixed assets did he buy?
  3. What is the value of the goods purchased?
  4. Who is the creditor and state the amount payable to him?
  5. Who is the debtor and what is the amount receivable from him?
  6. What is the total amount of expenses?
  7. What is the amount of drawings of Mr. Gopal?

Solution:

  1. Initial capital introduced by Mr. Gopal for starting the business of “Readymade Garments” is Rs.8,00,000.
  2. He purchased two Fixed Assets i.e., Furniture and Computer. Therefore,
    Total Fixed Assets bought by him
    = Furniture + Computer
    = Rs.50,000 + Rs.50,000  = Rs.1,00,000
  3. 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
  4. The creditor of the business is Mr. Satish with Rs.2, 00,000 being payable to him.
  5. The debtor of the business is Mr. Rajesh with Rs.1,50,000 being the amount to be received from him.
  6. Total amount of expenses is Rs.15,000.
  7. The amount of drawings of Mr. Gopal is Rs.20,000.

 

Primary Sidebar

NCERT Exemplar problems With Solutions CBSE Previous Year Questions with Solutoins CBSE Sample Papers
  • The Summer Of The Beautiful White Horse Answers
  • Job Application Letter class 12 Samples
  • Science Lab Manual Class 9
  • Letter to The Editor Class 12 Samples
  • Unseen Passage For Class 6 Answers
  • NCERT Solutions for Class 12 Hindi Core
  • Invitation and Replies Class 12 Examples
  • Advertisement Writing Class 11 Examples
  • Lab Manual Class 10 Science

Recent Posts

  • Understanding Diversity Question Answer Class 6 Social Science Civics Chapter 1 NCERT Solutions
  • Our Changing Earth Question Answer Class 7 Social Science Geography Chapter 3 NCERT Solutions
  • Inside Our Earth Question Answer Class 7 Social Science Geography Chapter 2 NCERT Solutions
  • Rulers and Buildings Question Answer Class 7 Social Science History Chapter 5 NCERT Solutions
  • On Equality Question Answer Class 7 Social Science Civics Chapter 1 NCERT Solutions
  • Role of the Government in Health Question Answer Class 7 Social Science Civics Chapter 2 NCERT Solutions
  • Vital Villages, Thriving Towns Question Answer Class 6 Social Science History Chapter 9 NCERT Solutions
  • New Empires and Kingdoms Question Answer Class 6 Social Science History Chapter 11 NCERT Solutions
  • The Delhi Sultans Question Answer Class 7 Social Science History Chapter 3 NCERT Solutions
  • The Mughal Empire Question Answer Class 7 Social Science History Chapter 4 NCERT Solutions
  • India: Climate Vegetation and Wildlife Question Answer Class 6 Social Science Geography Chapter 8 NCERT Solutions
  • Traders, Kings and Pilgrims Question Answer Class 6 Social Science History Chapter 10 NCERT Solutions
  • Environment Question Answer Class 7 Social Science Geography Chapter 1 NCERT Solutions
  • Understanding Advertising Question Answer Class 7 Social Science Civics Chapter 7 NCERT Solutions
  • The Making of Regional Cultures Question Answer Class 7 Social Science History Chapter 9 NCERT Solutions

Footer

Maths NCERT Solutions

NCERT Solutions for Class 12 Maths
NCERT Solutions for Class 11 Maths
NCERT Solutions for Class 10 Maths
NCERT Solutions for Class 9 Maths
NCERT Solutions for Class 8 Maths
NCERT Solutions for Class 7 Maths
NCERT Solutions for Class 6 Maths

SCIENCE NCERT SOLUTIONS

NCERT Solutions for Class 12 Physics
NCERT Solutions for Class 12 Chemistry
NCERT Solutions for Class 11 Physics
NCERT Solutions for Class 11 Chemistry
NCERT Solutions for Class 10 Science
NCERT Solutions for Class 9 Science
NCERT Solutions for Class 7 Science
MCQ Questions NCERT Solutions
CBSE Sample Papers
NCERT Exemplar Solutions LCM and GCF Calculator
TS Grewal Accountancy Class 12 Solutions
TS Grewal Accountancy Class 11 Solutions