Question:
Fill in the blanks:
(i) A bill of exchange is a instrument.
(ii) A bill of exchange is drawn by the upon his .
(iii) A promissory note is drawn by in favour of his .
(iv) There are parties to a bill of exchange.
(v) There are parties to a promissory note.
(vi) Drawer and can not be the same parties in case of a bill of exchange.
(vii) Bill of exchange in India languages is called .
(viii) days of grace are added in terms of the bill to calculate the date of its __.

Answer:

(i) negotiable
(ii) drawer, drawee
(iii) debtor, creditor
(iv) three
(v) two
(vi) drawee
(vii) hundi
(viii) 3, maturity

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Mr. Sunrise started a business for buying and selling of stationery with ₹ 5,00,000 as an initial investment. Of which he paid ₹ 1,00,000 for furniture, ₹ 2,00,000 for buying stationery items. He employed a sales person and clerk. At the end of the month he paid ₹ 5,000 as their salaries. Out of the stationery bought he sold some stationery for ₹ 1,50,000 for cash and some other stationery for ₹ 1,00,000 on credit basis to Mr. Ravi. Subsequently, he bought stationery items of ₹ 1,50,000 from Mr. Peace. In the first week of next month there was a fire accident and he lost ₹ 30,000 worth of stationery. A part of the machinery, which cost ₹ 40,000, was sold for ₹ 45,000.

From the above, answer the following :
1. What is the amount of capital with which Mr. Sunrise started business?
2. What are the fixed assets he bought?
3. What is the value of the goods purchased?
4. Who is the creditor and state the amount payable to him?
5. What are the expenses?
6. What is the gain he earned?
7. What is the loss he incurred?
8. Who is the debtor? What is the amount receivable from him?
9. What is the total amount of expenses and losses incurred?
10. Determine if the following are assets, liabilities, revenues, expenses or none of the these: sales, debtors, creditors, salary to manager, discount to debtors, drawings by the owner.

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(e) ..................... users are groups outside the business entity, who uses the information to make decisions about the business entity.
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