Question
Explain the following terminologies :
$(a)$ Solvent
$(b)$ Drawings
$(c)$ Insolvent
$(a)$ Solvent
$(b)$ Drawings
$(c)$ Insolvent
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| $1$ | Paid $Rs.500$ for shop rent $Rs.300$ for house rent. |
| $2$ | $Rs.400$ received for commission. |
| $3$ | A cheque of $Rs.800$ received for brokerage. |
| Liabilities | Amt. (Rs.) |
Assets | Amt. (Rs.) |
| Creditors for sports equipments | $300$ | Sports Equipments | $400$ |
| Receipt | Amt. (Rs.) |
Payment | Amt. (Rs.) |
| To Sports equipments | $180$ | By Sports equipments | $7,000$ |