Question

1. From the following details, prepare a statement of Profit or Loss for
the year ended December 31, 1989. Balance as on
1-1-89 Rs. 31-12-89 Rs.
Machinery 15,000 20,000
Furniture 2,000 2,000
Debtors 90,000 70,000
Cash 2,700 4,800
Prepaid Expenses 500 -
Accrued Income - 800
Creditors 3,000 5,300
Provide 10% depreciation on Machinery and furniture and 5% for bad
debts on sundry debtors. Interest on capital is to be provided at 6% per
annum. After three months from the beginning of the year the
proprietor had to bring in Rs.5000 by way of additional capital. He
drew salary at Rs.500 p.m. In addition, he drew Rs. 3,000 in anticipation
of profits. Rs.2,000 income-tax was paid.

Answer 1

Answer:

1. From the following details, prepare a statement of Profit or Loss for

the year ended December 31, 1989. Balance as on

1-1-89 Rs. 31-12-89 Rs.

Machinery 15,000 20,000

Furniture 2,000 2,000

Debtors 90,000 70,000

Cash 2,700 4,800

Prepaid Expenses 500 -

Accrued Income - 800

Creditors 3,000 5,300

Provide 10% depreciation on Machinery and furniture and 5% for bad

debts on sundry debtors. Interest on capital is to be provided at 6% per

annum. After three months from the beginning of the year the

proprietor had to bring in Rs.5000 by way of additional capital. He

drew salary at Rs.500 p.m. In addition, he drew Rs. 3,000 in anticipation

of profits. Rs.2,000 income-tax was paid.

Answer 2

Answer:

profit hope that help you