Mr. Jack starts a new business 'Fine Fabrics Limited' on 1st April 2023 to deal in cotton and cotton blend fabrics. For this purpose, he rents a place in a commercial area at a monthly rent of Rs. 5,00,000/- and appoints 2 salesmen at a salary of Rs. 60,000/- per month each. The following transactions have been entered by the company in the first month of operation : Date Details of the transaction 1st April Started business with investing funds of Rs. 40,00,000/- into the bank account of Fine Fabrics Limited 2nd April Purchased furniture for Rs. 6,50,000/- on 7 days' credit 3rd April Purchased stock of cotton fabrics on account of the value Rs. 3,00,000/- 4th April Cash sales of Rs. 75,000/- (fabric worth Rs. 50,000/-) 5th April Received order for cotton fabric worth Rs. 90,000/- from Mr. Wilfred and fabric dispatched (Purchase value Rs. 80,000/-) 7th April Purchased stationary by paying cash for Rs. 12,000/- 10th April Paid half the amount for the purchases made on 3rd April 15th April Made cash purchase of cotton blend fabric of Rs. 9,50,000/- 20th April Mr. Jack purchased car for personal use, for which he withdrew Rs.11,00,000/- from the bank account