Etween cash basis and accrual basis of accounting. Q.26 (a) Yogesh commenced business on 1st April, 2011 with a Capital of Rs. 500,000 and a loan of Rs. 100,000 borrowed from Citi Bank. On 31st March, 2012, his assets were Rs. 800,000. Calculate his closing capital and profits earned during the year.(b )If the above case, the proprietor had introduced fresh capital of Rs. 40,000 and had withdrawn Rs.10,000 for personal purposes, calculate his profits.Q.27 On which side the increase in the following account will be recorded? Also mention the nature of account:-1. Furniture 2. Rent paid3. Commission Received4. Salary Paid5. Proprietor’s account6. Debtor

Etween cash basis and accrual basis of accounting. Q.26 (a) Yogesh c

1.	Etween cash basis and accrual basis of accounting. Q.26 (a) Yogesh commenced business on 1st April, 2011 with a Capital of Rs. 500,000 and a loan of Rs. 100,000 borrowed from Citi Bank. On 31st March, 2012, his assets were Rs. 800,000. Calculate his closing capital and profits earned during the year.(b )If the above case, the proprietor had introduced fresh capital of Rs. 40,000 and had withdrawn Rs.10,000 for personal purposes, calculate his profits.Q.27 On which side the increase in the following account will be recorded? Also mention the nature of account:-1. Furniture 2. Rent paid3. Commission Received4. Salary Paid5. Proprietor’s account6. Debtor
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