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Thread: GDB MGT101 - Financial Accounting May 4,2010

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    16 GDB MGT101 - Financial Accounting May 4,2010

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    Mr. Raheem is running a business. His balance sheet on 1st December 2010 shows a capital balance of Rs. 10,000.

    Following few transactions took place in the month of December.

    He drew cash from business Rs. 400
    Mr. Raheem Sold merchandise for cash Rs 2000 costing Rs. 1800(Profit Rs. 200)
    During the month he made additional investment in business Rs. 1200.

    Required:

    Give straight answer of the capital account showing:

    Whether capital account has debit balance or credit balance on 31st December 2010
    Amount of the capital account balance.

    NOTE: You are not required to show the capital account in answer. You are supposed to draw capital account on rough sheet and give straight one line answer in which you have to mention two things debit or credit balance of capital account and amount of balance.

    And your answer should be like this ( _____ balance amount Rs. _______ )

    Be specific and to the point. Only provide one line answer as given above.

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    thankx for ur sharing
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