JACOB FOOTEX is a shoe accessories shop started by Mr. Jacob for buying and selling all footwear
related items, dealing with kids, women and men’s items. Mr. Jacob started the business on 1st
April 2020 with an initial investment of ₹8,00,000 .
Out of the total capital he spent ₹ 4,00,000 for the purchase shoes for men, women and kids
along with other accessories like foot spray, foot spa cream, designer socks, shoe cushion and
soft sole. He also purchased furniture for ₹ 50,000, a Computer for ₹30,000 and spent ₹15,000
renovating the shop. He deposited the remaining amount in current account of the firm.
Mr. Jacob sold women’s shoes worth ₹ 5,000 for cash and men’s shoes worth ₹ 10,000 on credit
to Mr. Phillip. He also purchased unisex Acupuncture shoes for ₹1,00,000 on credit from Mr.
Phillipose. Returned, defective shoes worth ₹20,000 to Mr. Phillipose on the same day.
Mr. Jacob sold kid’s shoes worth ₹ 5,000 for ₹12,000 and women’s shoe worth ₹ 17,000 at a profit
of ₹ 3,000 for cash to Mr. Fernandes.
Mr. Jacob withdrew 2 pair of kids shoes of ₹ 500 each and 2 pair of women’s shoes worth ₹ 1,000
each for domestic use.
From the case study above, answer the following:
a. What is the Capital invested by Mr. Jacob to start the business?
b. List out the fixed assets purchased. Calculate the total value of fixed assets.
c. Name the creditor. State the amount due to him.
d. Name the debtor. State the amount due from him.
e. Calculate the total amount of drawings by Mr. Jacob.
f. Calculate the total amount of purchase return.
g. Calculate the total value of purchase of goods.
h. Calculate the total value of goods sold for cash.
Answers: 1
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