QUESTION $8$

Gopal started business for buying and selling of $.$readymade garments with $`$R$8,00,000$ as an initial investment. Out of this he paid

R$4,00,000$ for the purchase of garments and $`$R$50,000$ for furniture and $\text{'}$R$50,000$ for computer and the remaining amount was

deposited into the bank. He sold some of the ladies and kids garments for $`$R$3,00,000$ for cash and some garments for $\text{'}$R$1,50,000$ on

credit to Rajesh.

Subsequently, he bought men's garments of $`$R$2,00,000$ from Satish. In the first week of the next month, a fire broke out in his office and

stock of garments worth R$1,20,000$ were sold for $`$R$1,30,000.$

Expenses paid during the same period were $`$R$15,000.$ Gopal

withdrew $`$R$20,000$ from business for his domestic use.

From the above, answer the following:

$($i$)$ What is the amount of capital with which Gopal started the business?

$($ii$)$ What fixed assets did he buy?

$($iii$)$ What is the value of the goods purchased?

$($iv$)$ Who is the creditor and state the amount payable to him?

$($v$)$ Who is the debtor and what is the amount receivable from him?

$($vi$)$ What is the total amount of expenses?

$($vii$)$ What is the amount of drawings of Gopal?