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On 01-04-2006 Mr. Dhanpal started business with Rs.2,00,000
cash and opened a bank account with Rs.1,50,000. He
purchased furniture for his business for Rs.25,000. Goods
were bought from Deendayal for Rs.50,000 on credit. He sold
goods for Rs.27,000 in cash and 30,000 on credit. He paid
Rs. 2,500 for business expenses during April month. Rs.
10,000 was withdrawn for office purposes from the bank. Find
out the closing balance of cash and bank.
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Answer Posted / arju
Sorry Yash even this time u r incorrect.
The answer is 99500 and 140000.
I think u missed out the 50,000 credit purchase. I dont know
why but the answer is marked 99500 as correct.
But i cant understand why good purchased under credit is
considered as cash balance!!
Actually this is from a university quiz and the correct
answers are the above.
Can anyone explain to me whether credit purchase is
considered as cash asset and why?
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