Question 1 Revisit Later Mr. Ravindra started a grocery store on January 1, 2022, with an investment of Rs.400000 from his personal savings. He decides to call his venture Star Bazar store. Apart from capital investment, following transactions were recorded in the books. On January 2, Star Bazar store purchases a building for Rs.562500 by paying Rs.112500 cash and signing a mortgage for Rs.450000. Attempt On January 3, the Star Bazar store purchased Rs.56250 worth of goods by paying cash and Rs.168750 worth of goods on credit. On January 4, he sold 50% of the goods for Rs.168750 cash. On January 6, he sold half of the remaining goods for Rs.84375 on credit. On 8th January he incurred operating expenses worth Rs.56250. . Since Ravindra was in need of some funds, he withdrew Rs.22500 on 9th Cash and bank balance are treated together in the business for simplicity. Prepare P&L account, Balance sheet and cash account. (15 marks) January.

Mr. Ravindra started a grocery store on January 1, 2022, with an investment of Rs. 400000 from his personal savings. He decides to call his venture Star Bazar store. Apart from capital investment, following transactions were recorded in the books. - On January 2, Star Bazar store purchases a building for Rs.562500 by paying Rs. 112500 cash and signing a mortgage for Rs.450000. - On January 3, the Star Bazar store purchased Rs.56250 worth of goods by paying cash and Rs. 168750 worth of goods on credit. - On January 4, he sold 50% of the goods for Rs. 168750 cash. - On January 6, he sold half of the remaining goods for Rs.84375 on credit. - On 8th January he incurred operating expenses worth Rs.56250. - Since Ravindra was in need of some funds, he withdrew Rs. 22500 on 9th January. Cash and bank balance are treated together in the business for simplicity. Prepare P\&L account, Balance sheet and cash account. (15 marks)