Question

3. Mr X commenced business on 01.04.2018 with a capital of Rs. 3,50,000. He immediately in

purchased Plant for Rs. 1,00,000 and furniture from Mohan for Rs 30,000. On 01.10.2016

he borrowed Rs. 50,000 from a bank @ 12% interest per annum( interest yet to be paid)

and introduced additional capital of Rs. 25,000. His assets and liabilities on 31.03.2019

are: Cash at bank Rs. 20,000, Debtors Rs.4,40,000, Stock Rs.95,000 and Creditors for

goods purchased Rs.97,500. He withdrew @ Rs. 1,250 p.m at the end of each month.

Prepare statement of profits after providing depreciation on furniture and on plant @

10%​

Answer 1

Answer:

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