Question 11
The January 1 balance sheet of the Marvin company, an unincorporated business, is as follows:
The following transactions took place in January:
• Jan 4 – Goods were sold for INR 12,000 which had a cost of INR 7,000
• Jan 6 – To Increase inventory, Marvin placed an order with Star company for goods that would cost INR 7,000
• Jan 8 – Marvin received the goods ordered from star and agreed to pay INR 7,000 in 30 days • Jan 11 – Goods costing INR 1,500 was sold for INR 2,500 in cash
• Jan 16 – Goods costing INR 2,000 was sold for INR 3,400 on a 30-day credit
• Jan 26 - Marvin paid employees for the month INR 4,200 in cash
• Jan 29 - Purchased land for INR 20,000 in cash
• Jan 31 - Marvin purchased a two-year insurance policy for INR 2,800 in cash
Based on the above text answer the given sub questions:
What is the Total Asset of the company as of Jan 31^(st)