Chapter 5 – Accounting Equations – TS Grewal 2022
Question 22
(a) Mohan started a business on 1st April 2021 with a capital of 10000 and borrowed 3000 from a friend. He earned a profit of 5000 during the year ended 31st March, 2022 and withdrew cash 4000 for personal use. What is his capital on 31st March, 2022?
(b) Mahesh started a business with a capital of 15000 on 1st April, 2021. During the year he made a profit of 3,000. He owes 2500 to suppliers of goods. What is the total of assets in his business on 31st March, 2022?
Solution:
Mohan started a business on 1st April 2021 with a capital of 10000
