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On 1st April, 2020 Mr Veer …

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On 1st April, 2020 Mr Veer Das decided to start a driving school and also to sell car accessories through same place. For this purpose he bought a workshop at a cost of ₹20,00,000 and decided to invest ₹7,50,000as a further capital in the proposed business. He employed assistants and training staff for this purpose. He wants to start with 5 second hand cars. For further funds he approached Punjab National Bank and secured a loan of ₹18,00,000@ 10% per annum. The loan was payable in 4 instalments along with interest due

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CBSE > Class 11 > Accountancy

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