distinguish between Bill of Exchange and Promissory Note
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On 01-04-2006 Mr. Dhanpal started business with Rs.2,00,000 cash and opened a bank account with Rs.1,50,000. He purchased furniture for his business for Rs.25,000. Goods were bought from Deendayal for Rs.50,000 on credit. He sold goods for Rs.27,000 in cash and 30,000 on credit. He paid Rs. 2,500 for business expenses during April month. Rs. 10,000 was withdrawn for office purposes from the bank. Find out the closing balance of cash and bank.
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