29. Mr. Rahul the owner of a mobile shop maintains incomplete records of his business. He
wants to know the result of the business in 31stDec. 20120 and for that following information
are available:
1st Jan, 2020 31st Dec, 2020
Cash in hand 3000 3500
Bank balance 15000 16000
Furniture 2000 2000
Stock 10000 13000
Creditors 7000 8000
Debtors 5000 6000
Loan from Susanta (6%p.a) ------- 5000
During the year he had withdrawn cash of Rs.10000 and goods worth Rs. 5000 for his
personal use and invested Rs.5000 as additional capital.. Loan from Susanta was taken on
1
st July,2020.charge interest on loan. Calculate his profit on 31st D
Answers
Answer:
Opening Statement of Affairs
As on 1.4.2012
Liabilities
Amount
Assets
Amount
Capital (bal. fig.)
178700
Machinery
70000
Sundry Creditors
54500
Furniture
10000
Stock
36000
Sundry Debtors
72200
Cash in hand
3000
Cash at bank
42000
233200
233200
Closing Statement of Affairs
As on 31.3.2013
Liabilities
Amount
Assets
Amount
Capital (bal.fig.)
216400
Machinery
70000
Sundry creditors
60400
Furniture
20000
Stock
42000
Sundry Debtors
88400
Cash in hand
4100
Cash at bank
52300
276800
276800
Statement of Profit and Loss
For the year ending 31.03.2013
Particulars
Amount
Closing capital
216400
Less: Additional Capital
(20000)
Add: Drawings
15000
Adjusted closing capital
211400
Less: Opening capital
(178700)
Profit before adjustment
32700
Less: depreciation on machinery
(7000)
Depreciation on furniture (2000 + 1000)
(3000)
Profit after adjustment
22700
Explanation:
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