CA CPT 2014 Dec Question Paper Fundamentals of Accounting for online practice

On 1st April, 2013, Rakesh started business with Rs.1,20,000 and took a loan Rs.50,000 from Ramesh.During the year earned a profit of Rs.20,000 and introduced further capital of Rs.30,000. His drawingsduring the year amounted to Rs.10,000. He paid Rs.10,000 to Ramesh during the year as part paymentof loan on 31st March, 2014 his total assets amounted to Rs.2,30,000. Find out the amount of outsideliabilities.