A person started business with a cash of Rs. 22,000 and stock of Rs. 3,000 on 1st January, 1996. During the year he made a profit of Rs. 6,000. His creditors were paid Rs. 4,500 for the office furniture supplied. He took goods worth Rs. 3,500 for his daugher's wedding on 30th June, 1996. The gross assets of his business on 31st December, 1996 was:
A. Rs. 27,500
B. Rs. 26,500
C. Rs. 23,500
D. Rs. 20,500
Answer: Option A
This Question Belongs to Commerce >> Accounting
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