Q. 17. If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000.
Calculate the
creditors.
Sol.
Assets = ₹ 1,30,000
Capital = ₹ 80,000
Creditors = ?
Creditors = Assets – capital = ₹ 1,30,000. - ₹ 80,000 = ₹50,000
Q. 18. A commenced his cloth business on 1st April, 2021 with a capital of ₹ 30,000. On 31st
March, 2022, his assets were worth ₹ 50,000 and liabilities of ₹ 10,000. Find out his closing
capital and profits earned during the year.
Assets = Liabilities + closing capital
50,000 = 10,000 + X
Closing Capital = assets – liabilities. =50,000 – 10,000 = ₹40,000
Closing capital = opening capital + profit
Profit = closing capital – opening capital = 40,000 – 30,000 = ₹10,000
Q. 19. Calculate the total assets if:
(i) Opening Capital is ₹ 40,000.
(ii) Creditors are ₹ 25,000.
(iii) Revenue during the period is ₹ 50,000.
(iv) Expenses during the period are ₹ 40,000.
Find out the value of the total assets of the business.
Profit = revenue – expenses = 50,000 -40,000 =10,000
Closing capital = Opening Capital + profit =40,000 +10,000 =50,000
Total assets = closing capital + creditors 50,000 + 25,000 = 75,000
20.
sol
a) opening capital =75,000
creditors =15,000
total assets = ?
Closing Capital = opening capital + profit – drawings =75,000 + 0 – 0 = 75,000
Total Assets = closing capital + creditors = 75,000 + 15,000 = 90,000
(b) After a period of one month, he came to know that he had suffered a loss of ₹ 1,700. He
withdrew ₹ 800 for his personal use. Find out his capital and assets of the business.
Sol.
Closing capital = opening capital – loss – drawings = 75,000 – 1,700 – 800 =72,500
Assets = Closing capital + creditors = 72,500 + 15,000 =87,500
Q. 21. Pranav started business on 1st April, 2021 with capital of ₹ 5,50,000. On 31st March,
2022 his total assets were ₹ 10,75,000 and liabilities were ₹ 2,92,500. Calculate the amount by
which his capital has increased as on 31st March, 2022.
Assets = liabilities + Closing Capital
10,75,000 = 2,92,500 + cl. Capital
Closing Capital = 10,75,000 – 2,92,500 = 7,82,500
Increase in closing capital = closing capital – opening capital = 7,82,500 -5,50,000 = ₹2,32,500
Q. 22. (a) Mohan started a business on 1st April, 2021 with a capital of ₹ 10,000 and borrowed
₹ 3,000 from a friend. He earned a profit of ₹ 5,000 during the year ended 31st March, 2022
and withdrew cash ₹ 4,000 for personal use. What is his capital on 31st March, 2022?
Closing capital = opening capital + profit – drawing = 10,000 + 5,000 – 4,000 = ₹11,000
(b) Mahesh started a business with a capital of ₹ 15,000 on 1st April, 2021. During the year,
he made a profit of ₹ 3,000. He owes ₹ 2,500 to suppliers of goods. What is the total of assets
in his business on 31st March, 2022?
Closing capital = opening capital + profit = 15,000 + 3,000 = 18,000
Assets = Capital + creditors = 18,000 + 2,500 = ₹20,500