I want correct answer otherwise I will give downvotes 13. Raja commenced business on 1st January, 2020, with a capital of Rs.10,000,which he paid into banking account opened for that purpose. On the same date hebought stock valued at Rs.6,500 and furniture which cost Rs.2,000. He kept his UNITbooks on single entry basis. On 31st December, 2020, stock was valued at Rs.8.300There were book debts amounting to Rs.3,400 of which Rs.200 represented debtswhich were irrecoverable. Creditors amounted to Rs.3,600 and the cash bookshowed a balance of Rs.1,650, but according to Pass Book, the balance at Raja'scredit was only Rs.1,450, he having given his son Rs.200 and omitted to enter in thecash book. Raja withdrew Rs.1,800 from the business for his private expenses, andin addition he used, Rs.500 worth of goods from his shop. He took Rs.1,000 as loanfrom his wife during the year.Prepare a statement showing Raja's profit or loss in the business for theyear ended 31st December, 2020 from the above information.

13 Raja commenced business on 1st January, 2020, with a capital of Rs.10,000, which he paid into banking account opened for that purpose. On the same date he bought stock valued at Rs.6,500 and furniture which cost Rs.2,000. He kept his

13 Raja commenced business on 1st January, 2020, with a capital of Rs.10,000, which he paid into banking account opened for that purpose. On the same date he bought stock valued at Rs.6,500 and furniture which cost Rs.2,000. He kept his

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 16P

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