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On 1st January, 2016 Mr. ARJUN …

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On 1st January, 2016 Mr. ARJUN SINGH decided to start a driving school, also to sell car accessories through same place. For this purpose, he bought a workshop at a cost of ₹ 40,00,000 and decided to invest ₹ 15,00,000 as a further capital in the proposed business. He employed assistants andtraining 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 36,00,000 @ 10% per annum. The loan was payable in 4 instalments along with interest due.

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