Compute the net wealth of R as on 31-3-13 for the assessment year 2013-14.The individual is engaged in the business of processing and selling gold and silver articles in India and outside India:
- Bank Balance- Rs,4,30,000
- Unaccounted Cash Balance- Rs. 70,000
- Gold Articles Rs.25,00,000
- Silver Jewellery Rs.14,00,000
- Guest House Rs.35,00,000
- Motor Cars Rs. 6,40,000
- Factory Building Rs. 8,00,000
- R has taken a loan of Rs.8,00,000 by mortgaging guest house for purchasing factory building.
Please help me solve this problem
CAclubindia
