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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.

 

 

 

Please Discuss Here about this GDB. Thanks

 

 

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Replies to This Discussion

if one person drew cash from business i thing the amount of dran from the bussines it come from cridet side insted of debit side and i think that answer will be 11400/=
I am a new studend and discuss the assignment MGT101-GDB Spring 2010 i think if captial account is 10000 and profit 200 and investment in business is 1200 but i confused that the drawing mony comes uder debit or credit side please help me?
drawing amount debit side per aye gi.

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